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| Tekijä: | Anilowski, C. Feng, M. Skinner, D. J. |
| Otsikko: | Does earning guidance affect market returns? The nature and information content of aggregate earnings guidance |
| Lehti: | Journal of Accounting & Economics
2007 : SEP, VOL. 44: 1-2 p. 36-63 |
| Asiasana: | disclosure earnings forecasting stock returns expectations |
| Kieli: | eng |
| Tiivistelmä: | The paper examines whether aggregate (hereafter as: aggreg.) earnings guidance (hereafter as: guid.) is informative with respect to aggreg. earnings news and stock returns. Aggreg. guid. is found being associated with analyst- and time-series-based measures of aggreg. earnings news, especially relative levels of quarterly downward guid. Market returns, then, appear to respond to guid. toward the end of each calender quarter, when most earnings preannouncement are released, which reveals that guid. is associated with market returns. Firm-level guid., accord. to findings, seems to affect market returns in short windows around its release. |
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