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The Effect of Beating and Missing Analysts' Forecasts on the Information Content of Unexpected Earnings
16 references·16 citing·39 second hopsampled
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(1995)To Warn or Not to Warn: Manag…The information content of losses (1995)The information content of lo…Earnings, Book Values, and Dividends in Equity Valuation* (1995)Earnings, Book Values, and Di…Why Firms Voluntarily Disclose Bad News (1994)Why Firms Voluntarily Disclos…Cross-sectional variation in the stock market response to accounting earnings announcements (1989)Cross-sectional variation in …An analysis of intertemporal and cross-sectional determinants of earnings response coefficients (1989)An analysis of intertemporal …Earnings Innovations, Earnings Persistence, and Stock Returns (1987)Earnings Innovations, Earning…SOME ESTIMATES OF THE COST OF CAPITAL TO THE ELECTRIC UTILITY INDUSTRY, 1954-57 (1966)SOME ESTIMATES OF THE COST OF…Multiple blockholders and earnings management (2020)Multiple blockholders and ear…Grow the Pie (2020)Grow the PieWhen do Third-Party Product Reviews Affect Firm Value and what can Firms Do? The Case of Media Critics and Professional Movie Reviews (2012)When do Third-Party Product R…Labor Unions and Management’s Incentive to Signal a Negative Outlook* (2012)Labor Unions and Management’s…Abnormal Audit Fee and Audit Quality (2012)Abnormal Audit Fee and Audit …Fraud Risk Factor Of The Fraud Triangle Assessing The Likelihood Of Fraudulent Financial Reporting (2011)Fraud Risk Factor Of The Frau…An Analysis of Managerial Use and Market Consequences of Earnings Management and Expectation Management (2011)An Analysis of Managerial Use…The Market Reward for Achieving Analyst Earnings Expectations: Does Managing Expectations or Earnings Matter? (2010)The Market Reward for Achievi…The Allowance for Uncollectible Accounts, Conservatism, and Earnings Management (2009)The Allowance for Uncollectib…Earnings management or forecast guidance to meet analyst expectations? (2009)Earnings management or foreca…Executive Stock Options, Missed Earnings Targets, and Earnings Management (2008)Executive Stock Options, Miss…The Effect of Meeting or Beating Revenue Forecasts on the Association between Quarterly Returns and Earnings Forecast Errors* (2007)The Effect of Meeting or Beat…Intra-year shifts in the earnings distribution and their implications for earnings management (2007)Intra-year shifts in the earn…Market Reaction to Verbal Components of Earnings Press Releases: Event Study Using a Predictive Algorithm (2006)Market Reaction to Verbal Com…Audit and Nonaudit Fees and the Market's Reaction to Earnings Announcements (2006)Audit and Nonaudit Fees and t…Rounding of Analyst Forecasts (2005)Rounding of Analyst ForecastsAn Empirical Evaluation of Accounting Income Numbers (1968)Dividend Policy under Asymmetric Information (1985)Positive Accounting Theory (1985)The effect of international institutional factors on properties of accounting earnings (2000)Performance matched discretionary accrual measures (2005)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends? 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(2010)Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Test (1976)Disclosure of Nonproprietary Information (1985)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)An Intertemporal Capital Asset Pricing Model (1973)Earnings Asan Explanatory Variable for Returns (1991)Forecasting Profitability and Earnings (2000)Does Greater Firm‐Specific Return Variation Mean More or Less Informed Stock Pricing? (2003)The Cross-Section of Expected Stock Returns (1992)Contrarian Investment, Extrapolation, and Risk (1994)Investor Psychology and Security Market Under‐ and Overreactions (1998)Driven to Distraction: Extraneous Events and Underreaction to Earnings News (2009)Managing the Message: The Effects of Firm Actions and Industry Spillovers on Media Coverage Following Wrongdoing (2012)Wisdom of Crowds: The Value of Stock Opinions Transmitted Through Social Media (2014)Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures (1993)Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting (2010)Mandatory CSR and sustainability reporting: economic analysis and literature review (2021)Earnings Management During Import Relief Investigations (1991)Real and Accrual-Based Earnings Management in the Pre- and Post-Sarbanes-Oxley Periods (2008)
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References

  • 1995Earnings, Book Values, and Dividends in Equity Valuation*5,061 cited
  • 1997The conservatism principle and the asymmetric timeliness of earnings13,988 cited
  • 1997Earnings management to avoid earnings decreases and losses3,839 cited
  • 1994Why Firms Voluntarily Disclose Bad News2,435 cited
  • 1995The information content of losses2,315 cited
  • 2002The rewards to meeting or beating earnings expectations1,706 cited
  • 1989An analysis of intertemporal and cross-sectional determinants of earnings response coefficients1,685 cited
  • 2002Earnings Surprises, Growth Expectations, and Stock Returns or Don't Let an Earnings Torpedo Sink Your Portfolio1,471 cited
  • 1997Earnings disclosures and stockholder lawsuits927 cited
  • 1987Earnings Innovations, Earnings Persistence, and Stock Returns909 cited
  • 1999Market Rewards Associated with Patterns of Increasing Earnings909 cited
  • 1995To Warn or Not to Warn: Management Disclosures in the Face of an Earnings Surprise.896 cited
  • 1989Cross-sectional variation in the stock market response to accounting earnings announcements816 cited
  • 2001A Temporal Analysis of Earnings Surprises: Profits versus Losses649 cited
  • 1999Earnings Surprises, Growth Expectations, and Stock Returns: Don't Let an Earnings Torpedo Sink Your Portfolio

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641 cited
  • 1966SOME ESTIMATES OF THE COST OF CAPITAL TO THE ELECTRIC UTILITY INDUSTRY, 1954-57588 cited
  • Cited by

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    • 2012Abnormal Audit Fee and Audit Quality211 cited
    • 2012When do Third-Party Product Reviews Affect Firm Value and what can Firms Do? The Case of Media Critics and Professional Movie Reviews187 cited
    • 2008Executive Stock Options, Missed Earnings Targets, and Earnings Management185 cited
    • 2009Earnings management or forecast guidance to meet analyst expectations?182 cited
    • 2020Grow the Pie179 cited
    • 2006Audit and Nonaudit Fees and the Market's Reaction to Earnings Announcements178 cited
    • 2009The Allowance for Uncollectible Accounts, Conservatism, and Earnings Management170 cited
    • 2006Market Reaction to Verbal Components of Earnings Press Releases: Event Study Using a Predictive Algorithm156 cited
    • 2012Labor Unions and Management’s Incentive to Signal a Negative Outlook*156 cited
    • 2010The Market Reward for Achieving Analyst Earnings Expectations: Does Managing Expectations or Earnings Matter?140 cited
    • 2007Intra-year shifts in the earnings distribution and their implications for earnings management124 cited
    • 2011An Analysis of Managerial Use and Market Consequences of Earnings Management and Expectation Management120 cited
    • 2005Rounding of Analyst Forecasts120 cited
    • 2020Multiple blockholders and earnings management117 cited
    • 2007The Effect of Meeting or Beating Revenue Forecasts on the Association between Quarterly Returns and Earnings Forecast Errors*108 cited