haku: @indexterm FINANCIAL ANALYSIS / yhteensä: 599
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| Tekijä: | Matsumoto, D. A. |
| Otsikko: | Management's Incentives to Avoid Negative Earnings Surprises |
| Lehti: | Accounting Review
2002 : JUL, VOL.77-3, p. 483-514 |
| Asiasana: | FINANCE FINANCIAL ANALYSIS FORECASTING MANAGEMENT FINANCIAL REPORTING |
| Kieli: | eng |
| Tiivistelmä: | Recent reports in the business press allege that managers take actions to avoid negative earnings surprises. The author hypothesizes that certain firm characteristics are associated with greater incentives to avoid negative sur prises. The author finds that firms with higher transient institutional ownership, greater reliance on implicit claims with their stakeholders, and higher value- relevance of earnings are more likely to meet or exceed expectations at the earnings announcement. The author also examines whether firms manage earnings upward or guide analysts' forecasts downward to avoid missing expectations at the earnings announcement. |
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