德勤－复旦会计论坛系列讲座之一百
时间：2016年4月19日（周二）下午13：30
地点：史带楼302室
主持人: 陈超 教授
演讲嘉宾：Gerald J. Lobo (University of Houston)
Title：The effect of analyst forecasts during earnings announcements on investor responses to reported earnings
Abstract：Despite the increased frequency of analyst and management forecasts during earnings announcements, empirical evidence on the interaction between the information in the earnings announcement and these concurrent forecasts is limited. We examine the implications of reinforcing and contradicting analyst forecast revisions issued during earnings announcements (days 0 and +1) for the market response to unexpected earnings. We classify forecast revisions as reinforcing when unexpected earnings is positive (negative) and concurrent analyst forecast revisions are upward (downward), and as contradicting when unexpected earnings is positive (negative) and concurrent analyst forecast revisions are downward (upward). We document larger (smaller) earnings response coefficients for announcements accompanied by reinforcing (contradicting) analyst forecast revisions. These findings suggest that analyst forecast revisions at the time of earnings announcement aid investors’ interpretation of earnings news. Analyses of management forecasts are consistent and indicate that analyst revisions and management forecasts convey complementary information. Cross-sectional tests strengthen these inferences.
会计学系
2016-4-12
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