Nexus between the anchoring effect and management earnings forecasts: An investigation of the listed firms in the US stock market

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE
Ahmed Bouteska , Taimur Sharif , Mohammad Zoynul Abedin
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引用次数: 0

Abstract

This paper investigates the influence of the anchoring effects on management earnings forecasting (MF) process among the US firms using the voluntary disclosures of MFs during the period 2015–2022. The results show evidence that the MFs’ valuation of the present period is influenced by the internal and external anchoring effects, reflected by firms’ previous earnings forecasts and the earnings forecasts from their industry counterparts, respectively. Furthermore, we highlight that stronger anchoring effects deteriorate the accuracy of the MF and improve the market reaction to the issued forecasts. Given these findings, we suggest that the informational content of the anchor heuristic in MF is affected in the stock prices. Overall, our study complement the behavioral finance literature and warn users about misleading or unreliable information for anchor heuristic in MF when it comes to make investment decisions.
The outcomes of this paper provide useful insights for practitioners, policymakers and to the regulatory authorities.
锚定效应与管理层盈余预测的关系:对美国上市公司的调查
本文研究了锚定效应对2015-2022年美国公司自愿披露管理层盈余预测(MF)过程的影响。研究结果表明,基金经理的当期估值受到内部和外部锚定效应的影响,这分别反映在公司以往的盈利预测和行业同行的盈利预测上。此外,我们强调,更强的锚定效应会降低MF的准确性,并改善市场对发布的预测的反应。鉴于这些发现,我们认为MF中锚定启发式的信息内容受到股票价格的影响。总的来说,我们的研究补充了行为金融学文献,并警告用户在做出投资决策时,MF中的锚定启发式存在误导性或不可靠的信息。本文的结果为从业者、政策制定者和监管机构提供了有用的见解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
6.00
自引率
3.00%
发文量
24
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