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- Publisher Website: 10.1111/j.1475-679X.2009.00350.x
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Article: Investors' reactions to management earnings guidance: The joint effect of investment position, news valence, and guidance form
Title | Investors' reactions to management earnings guidance: The joint effect of investment position, news valence, and guidance form |
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Authors | |
Issue Date | 2010 |
Publisher | Blackwell Publishing, Inc. The Journal's web site is located at http://www.blackwellpublishing.com/journals/JAR |
Citation | Journal Of Accounting Research, 2010, v. 48 n. 1, p. 81-104 How to Cite? |
Abstract | We report the results of an experiment that shows that investors' earnings- and investment-related judgments are jointly influenced by their investment position (long versus short), the news valence of guidance issued by management, and the amount of ambiguity in the guidance. Prior research indicates that guidance form (point versus range) has no effect on investors' earnings estimates made in reaction to management guidance. We extend this research by showing that guidance form matters, conditional on investment position and news valence. Similarly, prior research indicates that investors who hold long (short) positions in a stock are more optimistic (pessimistic) about the company's prospects. We extend this research by showing that the effect of investment position documented in prior studies is conditional on news valence and guidance form. We contribute to prior literature on the effects of investment position and guidance form by delineating boundary conditions for each of these effects. © 2009 University of Chicago on behalf of the Accounting Research Center. |
Persistent Identifier | http://hdl.handle.net/10722/178043 |
ISSN | 2023 Impact Factor: 4.9 2023 SCImago Journal Rankings: 6.625 |
SSRN | |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
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dc.contributor.author | Han, J | en_US |
dc.contributor.author | Tan, HT | en_US |
dc.date.accessioned | 2012-12-19T09:41:40Z | - |
dc.date.available | 2012-12-19T09:41:40Z | - |
dc.date.issued | 2010 | en_US |
dc.identifier.citation | Journal Of Accounting Research, 2010, v. 48 n. 1, p. 81-104 | en_US |
dc.identifier.issn | 0021-8456 | en_US |
dc.identifier.uri | http://hdl.handle.net/10722/178043 | - |
dc.description.abstract | We report the results of an experiment that shows that investors' earnings- and investment-related judgments are jointly influenced by their investment position (long versus short), the news valence of guidance issued by management, and the amount of ambiguity in the guidance. Prior research indicates that guidance form (point versus range) has no effect on investors' earnings estimates made in reaction to management guidance. We extend this research by showing that guidance form matters, conditional on investment position and news valence. Similarly, prior research indicates that investors who hold long (short) positions in a stock are more optimistic (pessimistic) about the company's prospects. We extend this research by showing that the effect of investment position documented in prior studies is conditional on news valence and guidance form. We contribute to prior literature on the effects of investment position and guidance form by delineating boundary conditions for each of these effects. © 2009 University of Chicago on behalf of the Accounting Research Center. | en_US |
dc.language | eng | en_US |
dc.publisher | Blackwell Publishing, Inc. The Journal's web site is located at http://www.blackwellpublishing.com/journals/JAR | en_US |
dc.relation.ispartof | Journal of Accounting Research | en_US |
dc.title | Investors' reactions to management earnings guidance: The joint effect of investment position, news valence, and guidance form | en_US |
dc.type | Article | en_US |
dc.identifier.email | Han, J: junhan@business.hku.hk | en_US |
dc.identifier.authority | Han, J=rp01066 | en_US |
dc.description.nature | postprint | en_US |
dc.identifier.doi | 10.1111/j.1475-679X.2009.00350.x | en_US |
dc.identifier.scopus | eid_2-s2.0-74549191935 | en_US |
dc.identifier.hkuros | 172920 | - |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-74549191935&selection=ref&src=s&origin=recordpage | en_US |
dc.identifier.volume | 48 | en_US |
dc.identifier.issue | 1 | en_US |
dc.identifier.spage | 81 | en_US |
dc.identifier.epage | 104 | en_US |
dc.identifier.eissn | 1475-679X | - |
dc.identifier.isi | WOS:000273687500005 | - |
dc.publisher.place | United States | en_US |
dc.identifier.ssrn | 1431867 | - |
dc.identifier.scopusauthorid | Han, J=55429599300 | en_US |
dc.identifier.scopusauthorid | Tan, HT=7403011560 | en_US |
dc.identifier.citeulike | 6562865 | - |
dc.identifier.issnl | 0021-8456 | - |