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The Effect of Analysts' Disaggregated Forecasts on Investors and Managers: Evidence Using Pre-Tax Forecasts
16 references·7 citing·45 second hop
The Effect of Analysts' Disaggregated Forecasts on Investors and Managers: Evidence Using Pre-Tax Forecasts (2018)The Effect of Analysts' Disaggregated For…Corporate governance, incentives, and tax avoidance (2015)Corporate governance, incenti…IPO first-day returns, offer price revisions, volatility, and form S-1 language (2013)IPO first-day returns, offer …Textual Analysis of Corporate Disclosures: A Survey of the Literature (2011)Textual Analysis of Corporate…The financial reporting environment: Review of the recent literature (2010)The financial reporting envir…Large‐Sample Evidence on Firms’ Year‐over‐Year MD&A Modifications (2010)Large‐Sample Evidence on Firm…Long-Run Corporate Tax Avoidance (2008)Long-Run Corporate Tax Avoida…Analyst coverage and earnings management (2008)Analyst coverage and earnings…Performance matched discretionary accrual measures (2005)Performance matched discretio…Taxable Income, Future Earnings, and Equity Values (2004)Taxable Income, Future Earnin…Last‐Chance Earnings Management: Using the Tax Expense to Meet Analysts' Forecasts* (2004)Last‐Chance Earnings Manageme…An empirical analysis of analysts’ cash flow forecasts (2003)An empirical analysis of anal…The rewards to meeting or beating earnings expectations (2002)The rewards to meeting or bea…Does Meeting Earnings Expectations Matter? Evidence from Analyst Forecast Revisions and Share Prices (2002)Does Meeting Earnings Expecta…Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)Information asymmetry, corpor…The Information Contained in the Components of Earnings (1986)The Information Contained in …Unionism and Wage Rates: A Simultaneous Equations Model with Qualitative and Limited Dependent Variables (1978)Unionism and Wage Rates: A Si…Analyst ability and research effort: non-EPS forecast provision as a research quality signal (2023)Analyst ability and research …Why Firms Announce Good News Late: Earnings Management and Financial Reporting Timeliness* (2021)Why Firms Announce Good News …What's My Target? Individual Analyst Forecasts and Last-Chance Earnings Management (2021)What's My Target? Individual …The effect of consistency in book-tax differences on analysts’ earnings forecasts: Evidence from forecast accuracy and informativeness (2020)The effect of consistency in …Tax Haven Incorporation and the Cost of Capital (2020)Tax Haven Incorporation and t…Street versus GAAP : Which Effective Tax Rate Is More Informative?* (2020)Street versus GAAP : Which Ef…On the Determinants and Effects of Corporate Tax Transparency: Review of an Emerging Literature (2020)On the Determinants and Effec…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Earnings Management During Import Relief Investigations (1991)Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility (2011)Corporate tax avoidance and stock price crash risk: Firm-level analysis (2011)Is Earnings Quality Associated with Corporate Social Responsibility? (2012)Risk, Return, and Equilibrium: Empirical Tests (1973)Positive Accounting Theory (1985)Corporate tax avoidance and high-powered incentives (2005)The Bind that Ties: Socioemotional Wealth Preservation in Family Firms (2011)Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Test (1976)Why Firms Voluntarily Disclose Bad News (1994)Earnings management to avoid earnings decreases and losses (1997)Perspectives on Recent Capital Market Research (2002)Non‐audit Service Fees and Audit Quality: The Impact of Auditor Specialization (2007)Seeking Shelter: Empirically Modeling Tax Shelters Using Financial Statement Information (2010)The Structure of Corporate Ownership: Causes and Consequences (1985)Corporate Governance and Equity Prices (2003)A review of tax research (2010)The Effect of Corporate Tax Avoidance on the Cost of Equity (2013)Corporate Political Connections and Tax Aggressiveness (2015)Incorrect Inferences When Using Residuals as Dependent Variables (2018)Earnings management and the underperformance of seasoned equity offerings11We thank Brad Barber (the referee), Randy Beatty, Vic Bernard, K.C. Chan, Kent Daniel, M. DeFond, Laura Field, David Heike, Chuan Yang Hwang, Jonathan Karpoff, S.P. Kothari, Charles Lee, Wayne Mikkelson (the editor), Tim Opler, Krishna Palepu, K. Ramesh, Jay Ritter, Terry Shevlin, Doug Skinner, Sheridan Titman, Ross Watts, Jerry Zimmerman, and seminar participants at the University of California Finance and Accounting Conference (Davis, March 1995), the NBER Corporate Finance Conference (Boston, August 1995), the Center for Research in Security Prices Seminar (Chicago, October 1995), the American Finance Association Conference (San Francisco, 1996), the American Accounting Association Conference (Chicago, August 1996), the University of Michigan, and the University of Rochester for helpful comments and discussions. (1998)Corporate Disclosure Practices, Institutional Investors, and Stock Return Volatility (2000)Annual report readability, current earnings, and earnings persistence (2008)Textual risk disclosures and investors’ risk perceptions (2013)Textual Analysis in Accounting and Finance: A Survey (2016)Firm-Level Political Risk: Measurement and Effects* (2019)Experimental and Quasi-Experimental Designs for Research (1963)Earnings Management through Real Activities Manipulation (2003)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)A review of archival auditing research (2014)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Corporate financing and investment decisions when firms have information that investors do not have (1984)Earnings quality: Evidence from the field (2013)The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research (2016)Dissecting green returns (2022)An Empirical Evaluation of Accounting Income Numbers (1968)Detecting Earnings Management. (1995)The economic implications of corporate financial reporting (2005)Real and Accrual-Based Earnings Management in the Pre- and Post-Sarbanes-Oxley Periods (2008)Education and Self-Selection (1978)Political Regimes and Economic Growth (1993)Political Regimes and Economic Growth (1995)Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis (2007)Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting (2010)
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References

  • 2001Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature7,391 cited
  • 2005Performance matched discretionary accrual measures6,963 cited
  • 2010The financial reporting environment: Review of the recent literature2,622 cited
  • 2008Long-Run Corporate Tax Avoidance2,133 cited
  • 2008Analyst coverage and earnings management1,826 cited
  • 2002The rewards to meeting or beating earnings expectations1,706 cited
  • 1978Unionism and Wage Rates: A Simultaneous Equations Model with Qualitative and Limited Dependent Variables1,173 cited
  • 2015Corporate governance, incentives, and tax avoidance1,072 cited
  • 2002Does Meeting Earnings Expectations Matter? Evidence from Analyst Forecast Revisions and Share Prices769 cited
  • 2010Large‐Sample Evidence on Firms’ Year‐over‐Year MD&A Modifications677 cited
  • 2004Last‐Chance Earnings Management: Using the Tax Expense to Meet Analysts' Forecasts*620 cited
  • 2011Textual Analysis of Corporate Disclosures: A Survey of the Literature605 cited
  • 2013IPO first-day returns, offer price revisions, volatility, and form S-1 language541 cited
  • 1986The Information Contained in the Components of Earnings511 cited
  • 2004

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Taxable Income, Future Earnings, and Equity Values
507 cited
  • 2003An empirical analysis of analysts’ cash flow forecasts464 cited
  • Cited by

    • 2021What's My Target? Individual Analyst Forecasts and Last-Chance Earnings Management34 cited
    • 2021Why Firms Announce Good News Late: Earnings Management and Financial Reporting Timeliness*30 cited
    • 2020Tax Haven Incorporation and the Cost of Capital28 cited
    • 2020Street versus GAAP : Which Effective Tax Rate Is More Informative?*22 cited
    • 2020The effect of consistency in book-tax differences on analysts’ earnings forecasts: Evidence from forecast accuracy and informativeness21 cited
    • 2020On the Determinants and Effects of Corporate Tax Transparency: Review of an Emerging Literature20 cited
    • 2023Analyst ability and research effort: non-EPS forecast provision as a research quality signal19 cited