Earnings management, forecast guidance and the banking crisis

This paper studies earnings management (EM) and forecast guidance (FG) activities of European banks between 2004 and 2008. Using 22,564 analyst forecasts for 55 banks, we find that the proportion of banks hitting or beating analyst consensus fell from 68.22% pre-crisis to 28.13% during the crisis. B...
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Autor*in:	Beccalli, Elena [verfasserIn] Bozzolan, Saverio Menini, Andrea Molyneux, Philip

Format:	Artikel
Sprache:	Englisch

Erschienen:	2015

Rechteinformationen:	Nutzungsrecht: © 2013 Taylor & Francis 2013

Schlagwörter:	analyst earnings forecast earnings management crisis G21 forecasts guidance M41 banks Earnings forecasting Banks Rates of return Studies Earnings management Economic crisis

Übergeordnetes Werk:	Enthalten in: The European journal of finance - Abingdon, Oxon : Routledge, Taylor & Francis Group, 1995, 21(2015), 3, Seite 242-268
Übergeordnetes Werk:	volume:21 ; year:2015 ; number:3 ; pages:242-268

Links:	Volltext Link aufrufen Link aufrufen

DOI / URN:	10.1080/1351847X.2013.809548

Katalog-ID:	OLC1959946323

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title_auth	Earnings management, forecast guidance and the banking crisis
abstract	This paper studies earnings management (EM) and forecast guidance (FG) activities of European banks between 2004 and 2008. Using 22,564 analyst forecasts for 55 banks, we find that the proportion of banks hitting or beating analyst consensus fell from 68.22% pre-crisis to 28.13% during the crisis. Banks enjoy higher cumulative adjusted returns (CARs) when they hit analyst consensus only in the crisis. EM is evident pre- but not during the crisis - it has no CAR effects. FG increases the probability of hitting benchmark earnings and during the crisis yields higher CARs. EM and FG act as complements in the crisis period.
abstractGer	This paper studies earnings management (EM) and forecast guidance (FG) activities of European banks between 2004 and 2008. Using 22,564 analyst forecasts for 55 banks, we find that the proportion of banks hitting or beating analyst consensus fell from 68.22% pre-crisis to 28.13% during the crisis. Banks enjoy higher cumulative adjusted returns (CARs) when they hit analyst consensus only in the crisis. EM is evident pre- but not during the crisis - it has no CAR effects. FG increases the probability of hitting benchmark earnings and during the crisis yields higher CARs. EM and FG act as complements in the crisis period.
abstract_unstemmed	This paper studies earnings management (EM) and forecast guidance (FG) activities of European banks between 2004 and 2008. Using 22,564 analyst forecasts for 55 banks, we find that the proportion of banks hitting or beating analyst consensus fell from 68.22% pre-crisis to 28.13% during the crisis. Banks enjoy higher cumulative adjusted returns (CARs) when they hit analyst consensus only in the crisis. EM is evident pre- but not during the crisis - it has no CAR effects. FG increases the probability of hitting benchmark earnings and during the crisis yields higher CARs. EM and FG act as complements in the crisis period.
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container_issue	3
title_short	Earnings management, forecast guidance and the banking crisis
url	http://dx.doi.org/10.1080/1351847X.2013.809548 http://www.tandfonline.com/doi/abs/10.1080/1351847X.2013.809548 http://search.proquest.com/docview/1638894904
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author2	Bozzolan, Saverio Menini, Andrea Molyneux, Philip
author2Str	Bozzolan, Saverio Menini, Andrea Molyneux, Philip
ppnlink	188164251
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doi_str	10.1080/1351847X.2013.809548
up_date	2024-07-03T19:24:55.635Z
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