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    188宝金博页面版: Does earnings guidance affect market returns The nature and information content of aggregate earnings guidance

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    内容提示： Journal of Accounting and Economics 44 (2007) 36–63Does earnings guidance affect market returns?The nature and information content of aggregateearnings guidance$Carol Anilowskia, Mei Fengb, Douglas J. Skinnerc,?aKrannert School of Management, Purdue University, USAbKatz Graduate School of Business, University of Pittsburgh, USAcGraduate School of Business, University of Chicago, USAReceived 20 February 2005; received in revised form 10 May 2006; accepted 18 September 2006Available online 27 November 2006A...

    文档格式：PDF | 页数：28 | 浏览次数：222 | 上传日期：2015-08-07 09:14:28 | 文档星级：
    Journal of Accounting and Economics 44 (2007) 36–63Does earnings guidance affect market returns?The nature and information content of aggregateearnings guidance$Carol Anilowskia, Mei Fengb, Douglas J. Skinnerc,?aKrannert School of Management, Purdue University, USAbKatz Graduate School of Business, University of Pittsburgh, USAcGraduate School of Business, University of Chicago, USAReceived 20 February 2005; received in revised form 10 May 2006; accepted 18 September 2006Available online 27 November 2006AbstractWe investigate whether earnings guidance affects aggregate stock returns through its effects onexpectations about overall earnings performance and/or aggregate expected returns. We find thataggregate guidance, especially relative levels of quarterly downward guidance, is associated withanalyst- and time-series-based measures of aggregate earnings news. We find more modest evidencethat guidance, again, largely downward guidance, is associated with market returns—market returnsappear to respond to guidance toward the end of each calendar quarter, when most earningspreannouncements are released, and there is some evidence that firm-level guidance affects marketreturns in short windows around its release.r 2006 Elsevier B.V. All rights reserved.JEL classification: E44; G14; M41Keywords: Disclosure; Earnings guidance; Management forecasts; Aggregate earnings; Macroeconomic newsARTICLE IN PRESSwww.elsevier.com/locate/jae0165-4101/$-see front matter r 2006 Elsevier B.V. All rights reserved.doi:10.1016/j.jacceco.2006.09.002$Formerly titled ‘‘Is Guidance a Macro Factor? The Nature and Information Content of Aggregate EarningsGuidance.’’ We received useful comments from workshop participants at Buffalo, CQA, Carnegie Mellon,Chicago, Exeter (Xfi Conference), the 2005 JAE Conference, NYU, the Osaka University of Economics, andRochester, as well as from Steve Baginski, Ray Ball, Phil Berger, Alan Gregory, S.P. Kothari (the editor), StanLevine, Greg Miller, Scott Richardson, Shiva Shivakumar (JAE conference discussant and referee), Kazu Suda,and Jerry Zimmerman. We appreciate financial support from the Ross School of Business, University ofMichigan, and the Neubauer Family Faculty Fellowship at the University of Chicago, Graduate School ofBusiness.?Corresponding author. Tel.: +17737027137.E-mail address: dskinner@chicagogsb.edu (D.J. Skinner).

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