Earnings patterns and managerial guidance

Abstract This study examines whether the presence of patterns in a firm’s earnings history, namely: strings of earnings increases or decreases and breaks in such strings, affects the likelihood and outcomes of management issued guidance. We find that, consistent with increased demand for information...
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Autor*in:	Agapova, Anna [verfasserIn] Aier, Jagadison K. DeVides, Zhanel

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2022

Schlagwörter:	Management guidance Earnings strings Earnings announcements

Anmerkung:	© The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022

Übergeordnetes Werk:	Enthalten in: Review of quantitative finance and accounting - Dordrecht [u.a.] : Springer, 1991, 59(2022), 3 vom: 27. Mai, Seite 1173-1213
Übergeordnetes Werk:	volume:59 ; year:2022 ; number:3 ; day:27 ; month:05 ; pages:1173-1213

Links:	Volltext

DOI / URN:	10.1007/s11156-022-01073-9

Katalog-ID:	SPR048066710

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allfields	10.1007/s11156-022-01073-9 doi (DE-627)SPR048066710 (SPR)s11156-022-01073-9-e DE-627 ger DE-627 rakwb eng Agapova, Anna verfasserin (orcid)0000-0003-3635-3230 aut Earnings patterns and managerial guidance 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022 Abstract This study examines whether the presence of patterns in a firm’s earnings history, namely: strings of earnings increases or decreases and breaks in such strings, affects the likelihood and outcomes of management issued guidance. We find that, consistent with increased demand for information about changes in established earnings patterns, firms are more likely to issue guidance before breaks in patterns. For continuing strings, disclosure choices depend on the nature of news: while firms are less likely to issue guidance for strings of decreases, they actively guide for strings of increases after Regulation Fair Disclosure (Reg FD). Our results indicate that management guidance before negative breaks in patterns is incorporated in stock prices upon issuance, and consequently attenuates the market reaction during earnings announcements. However, we fail to find evidence of market reaction to guidance issuances for positive break news, which investors may view as less credible. Overall, we conclude that while firms appear to issue guidance strategically, investors do not fully incorporate the information from management in stock prices. Our findings are consistent with the litigation hypothesis of greater disclosure to avoid litigation risk associated with changes in earnings patterns, and only partially support the claim that management guidance may reduce information asymmetry associated with break events. Management guidance (dpeaa)DE-He213 Earnings strings (dpeaa)DE-He213 Earnings announcements (dpeaa)DE-He213 Aier, Jagadison K. aut DeVides, Zhanel aut Enthalten in Review of quantitative finance and accounting Dordrecht [u.a.] : Springer, 1991 59(2022), 3 vom: 27. Mai, Seite 1173-1213 (DE-627)320479706 (DE-600)2009625-2 1573-7179 nnns volume:59 year:2022 number:3 day:27 month:05 pages:1173-1213 https://dx.doi.org/10.1007/s11156-022-01073-9 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 59 2022 3 27 05 1173-1213
spelling	10.1007/s11156-022-01073-9 doi (DE-627)SPR048066710 (SPR)s11156-022-01073-9-e DE-627 ger DE-627 rakwb eng Agapova, Anna verfasserin (orcid)0000-0003-3635-3230 aut Earnings patterns and managerial guidance 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022 Abstract This study examines whether the presence of patterns in a firm’s earnings history, namely: strings of earnings increases or decreases and breaks in such strings, affects the likelihood and outcomes of management issued guidance. We find that, consistent with increased demand for information about changes in established earnings patterns, firms are more likely to issue guidance before breaks in patterns. For continuing strings, disclosure choices depend on the nature of news: while firms are less likely to issue guidance for strings of decreases, they actively guide for strings of increases after Regulation Fair Disclosure (Reg FD). Our results indicate that management guidance before negative breaks in patterns is incorporated in stock prices upon issuance, and consequently attenuates the market reaction during earnings announcements. However, we fail to find evidence of market reaction to guidance issuances for positive break news, which investors may view as less credible. Overall, we conclude that while firms appear to issue guidance strategically, investors do not fully incorporate the information from management in stock prices. Our findings are consistent with the litigation hypothesis of greater disclosure to avoid litigation risk associated with changes in earnings patterns, and only partially support the claim that management guidance may reduce information asymmetry associated with break events. Management guidance (dpeaa)DE-He213 Earnings strings (dpeaa)DE-He213 Earnings announcements (dpeaa)DE-He213 Aier, Jagadison K. aut DeVides, Zhanel aut Enthalten in Review of quantitative finance and accounting Dordrecht [u.a.] : Springer, 1991 59(2022), 3 vom: 27. Mai, Seite 1173-1213 (DE-627)320479706 (DE-600)2009625-2 1573-7179 nnns volume:59 year:2022 number:3 day:27 month:05 pages:1173-1213 https://dx.doi.org/10.1007/s11156-022-01073-9 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 59 2022 3 27 05 1173-1213
allfields_unstemmed	10.1007/s11156-022-01073-9 doi (DE-627)SPR048066710 (SPR)s11156-022-01073-9-e DE-627 ger DE-627 rakwb eng Agapova, Anna verfasserin (orcid)0000-0003-3635-3230 aut Earnings patterns and managerial guidance 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022 Abstract This study examines whether the presence of patterns in a firm’s earnings history, namely: strings of earnings increases or decreases and breaks in such strings, affects the likelihood and outcomes of management issued guidance. We find that, consistent with increased demand for information about changes in established earnings patterns, firms are more likely to issue guidance before breaks in patterns. For continuing strings, disclosure choices depend on the nature of news: while firms are less likely to issue guidance for strings of decreases, they actively guide for strings of increases after Regulation Fair Disclosure (Reg FD). Our results indicate that management guidance before negative breaks in patterns is incorporated in stock prices upon issuance, and consequently attenuates the market reaction during earnings announcements. However, we fail to find evidence of market reaction to guidance issuances for positive break news, which investors may view as less credible. Overall, we conclude that while firms appear to issue guidance strategically, investors do not fully incorporate the information from management in stock prices. Our findings are consistent with the litigation hypothesis of greater disclosure to avoid litigation risk associated with changes in earnings patterns, and only partially support the claim that management guidance may reduce information asymmetry associated with break events. Management guidance (dpeaa)DE-He213 Earnings strings (dpeaa)DE-He213 Earnings announcements (dpeaa)DE-He213 Aier, Jagadison K. aut DeVides, Zhanel aut Enthalten in Review of quantitative finance and accounting Dordrecht [u.a.] : Springer, 1991 59(2022), 3 vom: 27. Mai, Seite 1173-1213 (DE-627)320479706 (DE-600)2009625-2 1573-7179 nnns volume:59 year:2022 number:3 day:27 month:05 pages:1173-1213 https://dx.doi.org/10.1007/s11156-022-01073-9 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 59 2022 3 27 05 1173-1213
allfieldsGer	10.1007/s11156-022-01073-9 doi (DE-627)SPR048066710 (SPR)s11156-022-01073-9-e DE-627 ger DE-627 rakwb eng Agapova, Anna verfasserin (orcid)0000-0003-3635-3230 aut Earnings patterns and managerial guidance 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022 Abstract This study examines whether the presence of patterns in a firm’s earnings history, namely: strings of earnings increases or decreases and breaks in such strings, affects the likelihood and outcomes of management issued guidance. We find that, consistent with increased demand for information about changes in established earnings patterns, firms are more likely to issue guidance before breaks in patterns. For continuing strings, disclosure choices depend on the nature of news: while firms are less likely to issue guidance for strings of decreases, they actively guide for strings of increases after Regulation Fair Disclosure (Reg FD). Our results indicate that management guidance before negative breaks in patterns is incorporated in stock prices upon issuance, and consequently attenuates the market reaction during earnings announcements. However, we fail to find evidence of market reaction to guidance issuances for positive break news, which investors may view as less credible. Overall, we conclude that while firms appear to issue guidance strategically, investors do not fully incorporate the information from management in stock prices. Our findings are consistent with the litigation hypothesis of greater disclosure to avoid litigation risk associated with changes in earnings patterns, and only partially support the claim that management guidance may reduce information asymmetry associated with break events. Management guidance (dpeaa)DE-He213 Earnings strings (dpeaa)DE-He213 Earnings announcements (dpeaa)DE-He213 Aier, Jagadison K. aut DeVides, Zhanel aut Enthalten in Review of quantitative finance and accounting Dordrecht [u.a.] : Springer, 1991 59(2022), 3 vom: 27. Mai, Seite 1173-1213 (DE-627)320479706 (DE-600)2009625-2 1573-7179 nnns volume:59 year:2022 number:3 day:27 month:05 pages:1173-1213 https://dx.doi.org/10.1007/s11156-022-01073-9 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 59 2022 3 27 05 1173-1213
allfieldsSound	10.1007/s11156-022-01073-9 doi (DE-627)SPR048066710 (SPR)s11156-022-01073-9-e DE-627 ger DE-627 rakwb eng Agapova, Anna verfasserin (orcid)0000-0003-3635-3230 aut Earnings patterns and managerial guidance 2022 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022 Abstract This study examines whether the presence of patterns in a firm’s earnings history, namely: strings of earnings increases or decreases and breaks in such strings, affects the likelihood and outcomes of management issued guidance. We find that, consistent with increased demand for information about changes in established earnings patterns, firms are more likely to issue guidance before breaks in patterns. For continuing strings, disclosure choices depend on the nature of news: while firms are less likely to issue guidance for strings of decreases, they actively guide for strings of increases after Regulation Fair Disclosure (Reg FD). Our results indicate that management guidance before negative breaks in patterns is incorporated in stock prices upon issuance, and consequently attenuates the market reaction during earnings announcements. However, we fail to find evidence of market reaction to guidance issuances for positive break news, which investors may view as less credible. Overall, we conclude that while firms appear to issue guidance strategically, investors do not fully incorporate the information from management in stock prices. Our findings are consistent with the litigation hypothesis of greater disclosure to avoid litigation risk associated with changes in earnings patterns, and only partially support the claim that management guidance may reduce information asymmetry associated with break events. Management guidance (dpeaa)DE-He213 Earnings strings (dpeaa)DE-He213 Earnings announcements (dpeaa)DE-He213 Aier, Jagadison K. aut DeVides, Zhanel aut Enthalten in Review of quantitative finance and accounting Dordrecht [u.a.] : Springer, 1991 59(2022), 3 vom: 27. Mai, Seite 1173-1213 (DE-627)320479706 (DE-600)2009625-2 1573-7179 nnns volume:59 year:2022 number:3 day:27 month:05 pages:1173-1213 https://dx.doi.org/10.1007/s11156-022-01073-9 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 59 2022 3 27 05 1173-1213
language	English
source	Enthalten in Review of quantitative finance and accounting 59(2022), 3 vom: 27. Mai, Seite 1173-1213 volume:59 year:2022 number:3 day:27 month:05 pages:1173-1213
sourceStr	Enthalten in Review of quantitative finance and accounting 59(2022), 3 vom: 27. Mai, Seite 1173-1213 volume:59 year:2022 number:3 day:27 month:05 pages:1173-1213
format_phy_str_mv	Article
institution	findex.gbv.de
topic_facet	Management guidance Earnings strings Earnings announcements
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authorswithroles_txt_mv	Agapova, Anna @@aut@@ Aier, Jagadison K. @@aut@@ DeVides, Zhanel @@aut@@
publishDateDaySort_date	2022-05-27T00:00:00Z
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author	Agapova, Anna
spellingShingle	Agapova, Anna misc Management guidance misc Earnings strings misc Earnings announcements Earnings patterns and managerial guidance
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topic_title	Earnings patterns and managerial guidance Management guidance (dpeaa)DE-He213 Earnings strings (dpeaa)DE-He213 Earnings announcements (dpeaa)DE-He213
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title_full	Earnings patterns and managerial guidance
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title_sort	earnings patterns and managerial guidance
title_auth	Earnings patterns and managerial guidance
abstract	Abstract This study examines whether the presence of patterns in a firm’s earnings history, namely: strings of earnings increases or decreases and breaks in such strings, affects the likelihood and outcomes of management issued guidance. We find that, consistent with increased demand for information about changes in established earnings patterns, firms are more likely to issue guidance before breaks in patterns. For continuing strings, disclosure choices depend on the nature of news: while firms are less likely to issue guidance for strings of decreases, they actively guide for strings of increases after Regulation Fair Disclosure (Reg FD). Our results indicate that management guidance before negative breaks in patterns is incorporated in stock prices upon issuance, and consequently attenuates the market reaction during earnings announcements. However, we fail to find evidence of market reaction to guidance issuances for positive break news, which investors may view as less credible. Overall, we conclude that while firms appear to issue guidance strategically, investors do not fully incorporate the information from management in stock prices. Our findings are consistent with the litigation hypothesis of greater disclosure to avoid litigation risk associated with changes in earnings patterns, and only partially support the claim that management guidance may reduce information asymmetry associated with break events. © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022
abstractGer	Abstract This study examines whether the presence of patterns in a firm’s earnings history, namely: strings of earnings increases or decreases and breaks in such strings, affects the likelihood and outcomes of management issued guidance. We find that, consistent with increased demand for information about changes in established earnings patterns, firms are more likely to issue guidance before breaks in patterns. For continuing strings, disclosure choices depend on the nature of news: while firms are less likely to issue guidance for strings of decreases, they actively guide for strings of increases after Regulation Fair Disclosure (Reg FD). Our results indicate that management guidance before negative breaks in patterns is incorporated in stock prices upon issuance, and consequently attenuates the market reaction during earnings announcements. However, we fail to find evidence of market reaction to guidance issuances for positive break news, which investors may view as less credible. Overall, we conclude that while firms appear to issue guidance strategically, investors do not fully incorporate the information from management in stock prices. Our findings are consistent with the litigation hypothesis of greater disclosure to avoid litigation risk associated with changes in earnings patterns, and only partially support the claim that management guidance may reduce information asymmetry associated with break events. © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022
abstract_unstemmed	Abstract This study examines whether the presence of patterns in a firm’s earnings history, namely: strings of earnings increases or decreases and breaks in such strings, affects the likelihood and outcomes of management issued guidance. We find that, consistent with increased demand for information about changes in established earnings patterns, firms are more likely to issue guidance before breaks in patterns. For continuing strings, disclosure choices depend on the nature of news: while firms are less likely to issue guidance for strings of decreases, they actively guide for strings of increases after Regulation Fair Disclosure (Reg FD). Our results indicate that management guidance before negative breaks in patterns is incorporated in stock prices upon issuance, and consequently attenuates the market reaction during earnings announcements. However, we fail to find evidence of market reaction to guidance issuances for positive break news, which investors may view as less credible. Overall, we conclude that while firms appear to issue guidance strategically, investors do not fully incorporate the information from management in stock prices. Our findings are consistent with the litigation hypothesis of greater disclosure to avoid litigation risk associated with changes in earnings patterns, and only partially support the claim that management guidance may reduce information asymmetry associated with break events. © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2022
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title_short	Earnings patterns and managerial guidance
url	https://dx.doi.org/10.1007/s11156-022-01073-9
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author2	Aier, Jagadison K. DeVides, Zhanel
author2Str	Aier, Jagadison K. DeVides, Zhanel
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doi_str	10.1007/s11156-022-01073-9
up_date	2024-07-03T16:46:43.618Z
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