公司使用衍生工具对管理层盈余预测频率和有用性的影响

IF 3.2 3区 管理学 Q1 BUSINESS, FINANCE
John L. Campbell, Sean Shun Cao, Hye Sun Chang, Raluca Chiorean
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引用次数: 2

摘要

我们调查了公司使用衍生品如何影响自愿披露,并提供了四个主要发现。首先,我们发现当公司开始使用衍生工具时,他们增加了管理层盈余预测的频率。其次,通过路径分析,我们发现衍生品使用与预测频率之间存在直接联系,以及通过降低收益波动而产生的间接联系。第三,我们发现,只有当衍生品使盈利更容易预测,并且没有证据表明投资者需求驱动提供预测的决定时,具有更明显职业担忧的ceo才会增加预测频率。这些结果表明,衍生工具的使用和预测频率之间联系的主要机制是降低了管理者提供预测的成本。最后,我们发现大多数衍生品引发的预测对资本市场参与者来说是没有信息的,特别是在FAS 161提供了必要的基础数据来了解公司如何使用衍生品之后。总体而言,我们提供了第一个经验证据,表明使用衍生品的公司发布了更多的管理预测,但我们也发现这些增量预测在很大程度上是不翔实的,并且似乎是由管理职业关注驱动的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

The implications of firms' derivative usage on the frequency and usefulness of management earnings forecasts

The implications of firms' derivative usage on the frequency and usefulness of management earnings forecasts

We investigate how firms' use of derivatives impacts voluntary disclosure and offer four main findings. First, we find that when firms begin using derivative instruments, they increase the frequency of management earnings forecasts. Second, using path analysis, we find a direct link between derivative usage and forecast frequency, as well as an indirect link through reduced earnings volatility. Third, we find that CEOs with more pronounced career concerns increase forecast frequency only when derivatives make earnings easier to forecast and find no evidence that investor demand drives the decision to provide a forecast. These results suggest that the primary mechanism for the association between derivative usage and forecast frequency is a reduction in the manager's costs of providing the forecasts. Finally, we find that the majority of derivative-induced forecasts are uninformative to capital market participants, especially after FAS 161 provided the necessary underlying data to understand how firms use derivatives. Overall, we provide the first empirical evidence that firms that use derivatives issue more management forecasts, but we also find that these incremental forecasts are largely uninformative and appear driven by managerial career concerns.

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来源期刊
CiteScore
6.20
自引率
11.10%
发文量
97
期刊介绍: Contemporary Accounting Research (CAR) is the premiere research journal of the Canadian Academic Accounting Association, which publishes leading- edge research that contributes to our understanding of all aspects of accounting"s role within organizations, markets or society. Canadian based, increasingly global in scope, CAR seeks to reflect the geographical and intellectual diversity in accounting research. To accomplish this, CAR will continue to publish in its traditional areas of excellence, while seeking to more fully represent other research streams in its pages, so as to continue and expand its tradition of excellence.
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