盈利指导停止与金融分析师研究的价值

IF 3.2 3区 管理学 Q1 BUSINESS, FINANCE
Dan Palmon, Xuan Peng, Ari Yezegel
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引用次数: 0

摘要

我们通过研究经理停止向投资者提供季度指导后分析师研究的信息性变化,来检验自愿披露与分析师研究价值之间的关系。我们发现,在控制了混杂因素以及固定和时间效应的情况下,指导停止后,市场对分析师建议修订的反应显著增加。对于信息环境更加不透明的公司和以前提供分类指导的公司来说,市场反应的增加更大。此外,指导停止对分析师研究信息性的影响在管理者恢复指导后发生逆转。最后,对指导停止前后分析师报告的文本分析表明,分析师在指导停止后发布更长、更频繁、更详细的报告,传达更前瞻性的信息。这些发现共同揭示了自愿披露的供应量与卖方分析师为资本市场价格发现增加的价值之间的关系。这篇文章受版权保护。保留所有权利。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Earnings guidance stoppage and the value of financial analysts' research

We examine the relation between voluntary disclosure and the value of analysts' research by studying the change in the informativeness of analysts' research after managers stop providing quarterly guidance to investors. We find that the market reaction to analysts' recommendation revisions increases significantly after guidance stoppage, controlling for confounding factors as well as for firm and time fixed effects. The increase in market reaction is greater for firms with more opaque information environments and for firms that previously provided disaggregated guidance. Further, the effect of guidance stoppage on the informativeness of analysts' research reverses after managers resume guidance. Finally, textual analyses of analysts' reports before and after guidance stoppage reveal that analysts issue longer, more frequent, and more detailed reports that convey more forward-looking information after stoppages. These findings collectively shed light on the relation between the supply of voluntary disclosure and the value that sell-side analysts add to price discovery in capital markets.

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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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