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- Publisher Website: 10.2308/HORIZONS-16-059
- Scopus: eid_2-s2.0-85103556270
- WOS: WOS:000631369700005
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Article: The Rewards for Meeting or Beating Managers' Own Earnings Guidance
| Title | The Rewards for Meeting or Beating Managers' Own Earnings Guidance |
|---|---|
| Authors | |
| Keywords | Management guidance Market premium Meeting or beating expectations |
| Issue Date | 2020 |
| Publisher | American Accounting Association. The Journal's web site is located at http://aaajournals.org/loi/acch |
| Citation | Accounting Horizons, 2020, v. 35 n. 1, p. 87-103 How to Cite? |
| Abstract | This study documents a stock return premium for meeting or beating management's own earnings guidance (MBMG) that is separate and distinct from the premium for meeting or beating analysts' earnings forecasts (MBAF) documented in prior literature. Cross-sectional analyses reveal that the MBMG premium relative to the MBAF premium increases when management guidance is more informative. We also find that MBMG is incrementally informative about a firm's future performance after considering MBAF. Our findings suggest that investors consider management earnings guidance to be a performance threshold in addition to analyst earnings forecasts when forming earnings expectations. |
| Persistent Identifier | http://hdl.handle.net/10722/299285 |
| ISSN | 2021 Impact Factor: 2.157 2020 SCImago Journal Rankings: 1.302 |
| ISI Accession Number ID |
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Hui, KW | - |
| dc.contributor.author | Liu, AZ | - |
| dc.contributor.author | Zhang, Y | - |
| dc.date.accessioned | 2021-05-10T06:59:38Z | - |
| dc.date.available | 2021-05-10T06:59:38Z | - |
| dc.date.issued | 2020 | - |
| dc.identifier.citation | Accounting Horizons, 2020, v. 35 n. 1, p. 87-103 | - |
| dc.identifier.issn | 0888-7993 | - |
| dc.identifier.uri | http://hdl.handle.net/10722/299285 | - |
| dc.description.abstract | This study documents a stock return premium for meeting or beating management's own earnings guidance (MBMG) that is separate and distinct from the premium for meeting or beating analysts' earnings forecasts (MBAF) documented in prior literature. Cross-sectional analyses reveal that the MBMG premium relative to the MBAF premium increases when management guidance is more informative. We also find that MBMG is incrementally informative about a firm's future performance after considering MBAF. Our findings suggest that investors consider management earnings guidance to be a performance threshold in addition to analyst earnings forecasts when forming earnings expectations. | - |
| dc.language | eng | - |
| dc.publisher | American Accounting Association. The Journal's web site is located at http://aaajournals.org/loi/acch | - |
| dc.relation.ispartof | Accounting Horizons | - |
| dc.subject | Management guidance | - |
| dc.subject | Market premium | - |
| dc.subject | Meeting or beating expectations | - |
| dc.title | The Rewards for Meeting or Beating Managers' Own Earnings Guidance | - |
| dc.type | Article | - |
| dc.identifier.email | Hui, KW: kaiwai@hku.hk | - |
| dc.identifier.authority | Hui, KW=rp02238 | - |
| dc.description.nature | link_to_subscribed_fulltext | - |
| dc.identifier.doi | 10.2308/HORIZONS-16-059 | - |
| dc.identifier.scopus | eid_2-s2.0-85103556270 | - |
| dc.identifier.hkuros | 322333 | - |
| dc.identifier.volume | 35 | - |
| dc.identifier.issue | 1 | - |
| dc.identifier.spage | 87 | - |
| dc.identifier.epage | 103 | - |
| dc.identifier.isi | WOS:000631369700005 | - |
| dc.publisher.place | United States | - |