Analysts' Influence on Managers' Guidance

Kimball L. Chapman · Jeremiah R. Green

108 citations0/0 files storedThe Accounting Review

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Auditing, Earnings Management, Governance Corporate Finance and Governance Financial Reporting and XBRL

Abstract

ABSTRACT Analysts ask managers for forward-looking information in one-third of quarterly conference calls; most frequently, seeking earnings per share guidance. In this study, we examine the long-term consequences of analysts' questions on future manager disclosure choices. Using six types of commonly provided guidance, we find that when analysts request new guidance or ask about prior guidance, managers are more likely to provide similar guidance in future quarters. When analysts do not ask about prior guidance, managers are less likely to provide that type of guidance in the future. This effect is long-lasting, spills over into earnings announcements, and is strongest for firms with the most severe information problems. Our results provide evidence that analysts shape managers' disclosure choices in meaningful ways.

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2005The economic implications of corporate financial reporting 1991Disclosure, Liquidity, and the Cost of Capital 1997Disclosure level and the cost of equity capital.2004Information and the Cost of Capital 1996Corporate Disclosure Policy and Analyst Behavior.1993Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures 2007Accounting Information, Disclosure, and the Cost of Capital 1999Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure*

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