haku: @author Clement, M. / yhteensä: 6
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| Tekijä: | Clement, M. Frankel, R. Miller, J. |
| Otsikko: | Confirming Management Earnings Forecasts, Earnings Uncertainty, and Stock Returns |
| Lehti: | Journal of Accounting Research
2003 : SEP, VOL. 41: 4, p. 653-680 |
| Asiasana: | FORECASTING EARNINGS STOCK RETURNS STOCK MARKETS SHARE PRICES |
| Kieli: | eng |
| Tiivistelmä: | In this study the authors examine the association among confirming management forecasts, stock prices, and analyst expectations. Confirming management forecasts are voluntary disclosures by management that corroborate existing market expectations about future earnings. This study provides evidence that these voluntary disclosures affect stock prices and the dispersion of analyst expectations. Specifically, the authors find that the market's reaction to confirming forecasts is significantly positive. In addition, evidence indicates a significant reduction in the mean and median consensus analyst dispersion. Finally, the authors document a positive association between the reduction of dispersion of analysts' forecasts and the magnitude of the stock market response. |
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