haku: @indexterm FINANCIAL ANALYSIS / yhteensä: 599
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| Tekijä: | Barton, J. Mercer, M. |
| Otsikko: | To blame or not to blame: analysts' reactions to external explanations for poor financial performance |
| Lehti: | Journal of Accounting & Economics
2005 : SEP, VOL. 39:3, p. 509-533 |
| Asiasana: | disclosure earnings financial analysis financial reporting forecasting |
| Kieli: | eng |
| Tiivistelmä: | This article examines how financial analysts perceive and react upon managementsÂ’ explanations that poor financial performance is due to external factors. The authors find that if analysts perceive such disclosures as plausible, they forecast higher earnings and stock valuations than if the explanation had not been provided. However, implausible management explanations lead to lower earnings forecasts and higher cost of capital estimates than if the explanation had not been provided. |
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