학술저널
EARNINGS MANAGEMENT AND EARNINGS FORECAST DISPERSION
- People & Global Business Association
- Global Business and Finance Review
- Vol.9 No.1
-
2004.0639 - 50 (12 pages)
- 5
Firms that barely beat the market expectation show higher consensus of earnings forecasts than do their counterparts that barely miss it. Differences in stock returns around earnings announcements between firms that beat and miss the market expectation are statistically significant when the consensus of earnings forecasts is high. Thus, managers appear to be more concerned about beating the market expectation when the dispersion of earnings forecasts is low. Otherwise, they might experience a large amount of opportunity costs as a firm's stock prices decline.
Abstract
INTRODUCTION
DEVELOPMENT OF HYPOTHESES
EMPIRICAL RESULTS AND ANALYSIS SAMPLE
EMPIRICAL RESULTS
SUPPLEMENT ARY RESULTS
CONCLUSION
REFERENCES
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