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| Author: | Hirst, E. |
| Title: | The joint effect of management's prior forecast accuracy and the form of its financial forecasts on investor judgment |
| Journal: | Journal of Accounting Research
1999 : VOL. 37:SUPPLEMENT, p. 101-134 |
| Index terms: | MANAGEMENT FORECASTING FINANCE |
| Language: | eng |
| Abstract: | In this paper the authors examine how investor reaction to management earnings forecasts is a joint function of the form of the forecast (point or range forecasts) and management's prior forecast accuracy (high or low). Drwing on Ajinkya and Gift's Ä1984Å expectations- -adjustment hypothesis, King, Pownall, and Waymire Ä1990Å argue that the value relevance of forecasts is a function of their timing, credibility, and form. |
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