haku: @indexterm FINANCIAL ANALYSIS / yhteensä: 599
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| Tekijä: | Beyer, A. |
| Otsikko: | Financial analysts' forecast revisions and managers' reporting behavior |
| Lehti: | Journal of Accounting & Economics
2008 : DEC, VOL. 46:2-3, p. 334-348 |
| Asiasana: | forecasting earnings disclosure stock markets managers financial analysis |
| Kieli: | eng |
| Tiivistelmä: | The study examines an analyst's forecasting strategy and a manager's earnings management policy. When managers report earnings, they trade off the disutility they obtain from falling short of the analyst's forecast exceeds median reported earnings. The model predicts that the analyst's forecast is greater than median reported earnings; the analyst more likely revises his forecast downward than upward; mean and median forecast errors are larger in magnitude when the analyst has less accurate information; and, on average, the stock market is more sensitive to reported earnings than to the analyst's forecast. There is empirical support for some of the predictions of the model. |
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