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Do Managers Always Know Better? The Relative Accuracy of Management and Analyst Forecasts

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Cited by:

  1. Gilles Hilary & Charles Hsu & Rencheng Wang, 2014. "Management Forecast Consistency," Journal of Accounting Research, Wiley Blackwell, vol. 52(1), pages 163-191, March.
  2. Sheng-Syan Chen & Chia-Wei Huang & Chuan-Yang Hwang & Yanzhi Wang, 2022. "Voluntary disclosure and corporate innovation," Review of Quantitative Finance and Accounting, Springer, vol. 58(3), pages 1081-1115, April.
  3. Cohen, Lee Jeremy & Marcus, Alan J. & Rezaee, Zabihollah & Tehranian, Hassan, 2018. "Waiting for guidance: Disclosure noise, verification delay, and the value-relevance of good-news versus bad-news management earnings forecasts," Global Finance Journal, Elsevier, vol. 37(C), pages 79-99.
  4. Rees, Lynn & Sharp, Nathan Y. & Wong, Paul A., 2017. "Working on the weekend: Do analysts strategically time the release of their recommendation revisions?," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 104-121.
  5. Wenjie Ding & Khelifa Mazouz & Qingwei Wang, 2019. "Investor sentiment and the cross-section of stock returns: new theory and evidence," Review of Quantitative Finance and Accounting, Springer, vol. 53(2), pages 493-525, August.
  6. Stephen Glaeser & James D. Omartian, 2022. "Public Firm Presence, Financial Reporting, and the Decline of U.S. Manufacturing," Journal of Accounting Research, Wiley Blackwell, vol. 60(3), pages 1085-1130, June.
  7. Badertscher, Brad & Shroff, Nemit & White, Hal D., 2013. "Externalities of public firm presence: Evidence from private firms' investment decisions," Journal of Financial Economics, Elsevier, vol. 109(3), pages 682-706.
  8. Eugene Soltes, 2014. "Private Interaction Between Firm Management and Sell‐Side Analysts," Journal of Accounting Research, Wiley Blackwell, vol. 52(1), pages 245-272, March.
  9. Jihun Bae & Gary C. Biddle & Chul W. Park, 2022. "Managerial Learning from Analyst Feedback to Voluntary Capex Guidance, Investment Efficiency, and Firm Performance," Management Science, INFORMS, vol. 68(1), pages 583-607, January.
  10. Andrew B. Jackson & Marlene A. Plumlee & Brian R. Rountree, 2018. "Decomposing the market, industry, and firm components of profitability: implications for forecasts of profitability," Review of Accounting Studies, Springer, vol. 23(3), pages 1071-1095, September.
  11. Kun Tracy Wang & Nathan Zhenghang Zhu, 2023. "Conditional Mandates on Management Earnings Forecasts: The Impact on the Cost of Debt," Abacus, Accounting Foundation, University of Sydney, vol. 59(4), pages 901-953, December.
  12. Dan Hu & Eunju Lee & Bingxin Li, 2023. "Trade secrets protection and stock price crash risk," The Financial Review, Eastern Finance Association, vol. 58(2), pages 395-421, May.
  13. Ye, Mao & Zheng, Miles Y. & Zhu, Wei, 2023. "The effect of tick size on managerial learning from stock prices," Journal of Accounting and Economics, Elsevier, vol. 75(1).
  14. Ruijun Zhang & Xiaotong Yang & Nian Li & Muhammad Asif Khan, 2021. "Herd Behavior in Venture Capital Market: Evidence from China," Mathematics, MDPI, vol. 9(13), pages 1-18, June.
  15. Yang, Xiaohui & Chen, Wei, 2021. "The joint effects of macroeconomic uncertainty and cyclicality on management and analyst earnings forecasts," Journal of Economics and Business, Elsevier, vol. 116(C).
  16. Linyan Fan & Sheng Yao, 2022. "Analyst Site Visits and Corporate Environmental Information Disclosure: Evidence from China," IJERPH, MDPI, vol. 19(23), pages 1-21, December.
  17. Fujitani, Ryosuke & Kim, Hyonok & Yamada, Kazuo, 2021. "Peer Effects of Corporate Disclosure in Pandemic Era," Working Paper Series 240, Management Innovation Research Center, School of Business Administration, Hitotsubashi University Business School.
  18. Nakazono, Yoshiyuki & Koga, Maiko & Sugo, Tomohiro, 2020. "Private information and analyst coverage: Evidence from firm survey data," Journal of Economic Behavior & Organization, Elsevier, vol. 174(C), pages 284-298.
  19. Wang, Sean, 2019. "Informational environments and the relative information content of analyst recommendations and insider trades," Accounting, Organizations and Society, Elsevier, vol. 72(C), pages 61-73.
  20. Audrey Hsu & Kevin Koh & Sophia Liu & Yen H. Tong, 2019. "Corporate Social Responsibility and Corporate Disclosures: An Investigation of Investors’ and Analysts’ Perceptions," Journal of Business Ethics, Springer, vol. 158(2), pages 507-534, August.
  21. Maria Ogneva, 2013. "Discussion of What Do Management Earnings Forecasts Convey About the Macroeconomy?," Journal of Accounting Research, Wiley Blackwell, vol. 51(2), pages 267-279, May.
  22. Pawel Bilinski, 2023. "Analyst Research Activity During the COVID‐19 Pandemic," Abacus, Accounting Foundation, University of Sydney, vol. 59(4), pages 1041-1073, December.
  23. Dong, Yashu & Young, Danqing, 2021. "Foreign macroeconomic and industry-related information transfers around earnings announcements: Evidence from U.S.-listed non-U.S. firms," Journal of Accounting and Economics, Elsevier, vol. 71(2).
  24. Kim, Robert & Kim, Sangwan, 2021. "Does revenue-expense matching play a differential role in analysts’ earnings and revenue forecasts?," The British Accounting Review, Elsevier, vol. 53(5).
  25. David A. Maslar & Matthew Serfling & Sarah Shaikh, 2021. "Economic Downturns and the Informativeness of Management Earnings Forecasts," Journal of Accounting Research, Wiley Blackwell, vol. 59(4), pages 1481-1520, September.
  26. Minkwan Ahn & Samuel B. Bonsall & Andrew Buskirk, 2019. "Do managers withhold bad news from credit rating agencies?," Review of Accounting Studies, Springer, vol. 24(3), pages 972-1021, September.
  27. Chen, Xiaomeng Charlene & Hellmann, Andreas & Sood, Suresh, 2022. "A framework for analyst economic incentives and cognitive biases: Origination of the walk-down in earnings forecasts," Journal of Behavioral and Experimental Finance, Elsevier, vol. 36(C).
  28. Zachary Kaplan & Xiumin Martin & Yifang Xie, 2021. "Truncating Optimism," Journal of Accounting Research, Wiley Blackwell, vol. 59(5), pages 1827-1884, December.
  29. Jin Kyung Choi & Rebecca N. Hann & Musa Subasi & Yue Zheng, 2020. "An Empirical Analysis of Analysts' Capital Expenditure Forecasts: Evidence from Corporate Investment Efficiency," Contemporary Accounting Research, John Wiley & Sons, vol. 37(4), pages 2615-2648, December.
  30. Lin, Yongjia Rebecca & Fu, Xiaoqing Maggie, 2017. "Does institutional ownership influence firm performance? Evidence from China," International Review of Economics & Finance, Elsevier, vol. 49(C), pages 17-57.
  31. Samuel B. Bonsall & Zahn Bozanic & Paul E.. Fischer, 2013. "What Do Management Earnings Forecasts Convey About the Macroeconomy?," Journal of Accounting Research, Wiley Blackwell, vol. 51(2), pages 225-266, May.
  32. Joost Impink & Mari Paananen & Annelies Renders, 2022. "Regulation‐induced Disclosures: Evidence of Information Overload?," Abacus, Accounting Foundation, University of Sydney, vol. 58(3), pages 432-478, September.
  33. Ole-Kristian Hope & Wuyang Zhao, 2018. "Market reactions to the closest peer firm’s analyst revisions," Accounting and Business Research, Taylor & Francis Journals, vol. 48(4), pages 345-372, June.
  34. Stephan, Andrew P. & Walther, Beverly R. & Wellman, Laura A., 2021. "Profiting from connections: Do politicians receive stock tips from brokerage houses?," Journal of Accounting and Economics, Elsevier, vol. 72(1).
  35. Fei, Xingyuan, 2022. "Nondisclosure and analyst behavior: Evidence from redaction of proprietary information from public filings," Journal of Corporate Finance, Elsevier, vol. 72(C).
  36. Li, Ting & Zaiats, Nataliya, 2017. "Information environment and earnings management of dual class firms around the world," Journal of Banking & Finance, Elsevier, vol. 74(C), pages 1-23.
  37. El Ghoul, Sadok & Guedhami, Omrane & Wei, Zuobao & Zhu, Yicheng, 2023. "Does public corruption affect analyst forecast quality?," Journal of Banking & Finance, Elsevier, vol. 154(C).
  38. Kexing Ding & Bikki Jaggi, 2022. "CEO career concerns and the precision of management earnings forecasts," Review of Quantitative Finance and Accounting, Springer, vol. 58(1), pages 69-100, January.
  39. Shin, Dongsoo, 2015. "Incentives and management styles," International Journal of Industrial Organization, Elsevier, vol. 40(C), pages 22-31.
  40. Jung Min Kim, 2023. "Uncertainty about managerial horizon and voluntary disclosure," Review of Accounting Studies, Springer, vol. 28(2), pages 615-657, June.
  41. He, Jie & Xu, Sha & Wang, Bin & Chan, Kam C., 2023. "Learn from peers? The impact of peer firms' analyst earnings forecasts on a focal firm's corporate investment efficiency," International Review of Financial Analysis, Elsevier, vol. 89(C).
  42. Abiot Tessema, 2018. "Earnings smoothing and CEO cash bonus compensation: the role of mandatory derivatives disclosure policy," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 15(2), pages 115-127, May.
  43. Ruihao Ke & Meng Li & Yuan Zhang, 2020. "Directors' Informational Role in Corporate Voluntary Disclosure: An Analysis of Directors from Related Industries†," Contemporary Accounting Research, John Wiley & Sons, vol. 37(1), pages 392-418, March.
  44. Chahine, Salim & Daher, Mai & Saade, Samer, 2021. "Doing good in periods of high uncertainty: Economic policy uncertainty, corporate social responsibility, and analyst forecast error," Journal of Financial Stability, Elsevier, vol. 56(C).
  45. Hua Song & Sijie Chen & Anirban Ganguly, 2019. "Innovative Ecosystem In Enhancing Hi-Tech Sme Financing: Mediating Role Of Two Types Of Innovation Capabilities," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 24(02), pages 1-36, April.
  46. Huang, Kelly, 2020. "Management forecast errors and corporate investment efficiency," Journal of Contemporary Accounting and Economics, Elsevier, vol. 16(3).
  47. Hu, Jun & Long, Wenbin & Luo, Le & Peng, Yuanhuai, 2021. "Share pledging and optimism in analyst earnings forecasts: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 132(C).
  48. Itay Goldstein, 2023. "Information in Financial Markets and Its Real Effects," Review of Finance, European Finance Association, vol. 27(1), pages 1-32.
  49. Choi, Hae Mi & Gupta-Mukherjee, Swasti, 2022. "Analysts’ reliance on industry-level versus firm-specific information: Implications for information production," Journal of Banking & Finance, Elsevier, vol. 143(C).
  50. Ferracuti, Elia & Stubben, Stephen R., 2019. "The role of financial reporting in resolving uncertainty about corporate investment opportunities," Journal of Accounting and Economics, Elsevier, vol. 68(2).
  51. Chen Su, 2023. "The price impact of analyst revisions and the state of the economy: Evidence around the world," The Financial Review, Eastern Finance Association, vol. 58(4), pages 887-930, November.
  52. Li, Siyuan & Qu, Tianshu Charlotte & Yu, Yingri Julia, 2022. "Outside director social network centrality and turnover before stock performance crash: A friend in need?," Journal of Corporate Finance, Elsevier, vol. 76(C).
  53. Michael Tang & Li Zhang, 2018. "Range has it: decoding the information content of forecast ranges," Review of Accounting Studies, Springer, vol. 23(2), pages 589-621, June.
  54. Boone, Audra L. & White, Joshua T., 2015. "The effect of institutional ownership on firm transparency and information production," Journal of Financial Economics, Elsevier, vol. 117(3), pages 508-533.
  55. Guay, Wayne & Samuels, Delphine & Taylor, Daniel, 2016. "Guiding through the Fog: Financial statement complexity and voluntary disclosure," Journal of Accounting and Economics, Elsevier, vol. 62(2), pages 234-269.
  56. Sakawa, Hideaki & Watanabel, Naoki & Gu, Junjian, 2022. "Internationalization and the reliance of analyst forecasts in stakeholder-oriented corporate governance: Evidence from Japanese MNEs," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
  57. Brunella Bruno & Immacolata Marino & Giacomo Nocera, 2023. "Internal Ratings, Non-Performing Loans, and Bank Opacity: Evidence from Analysts’ Forecasts," BAFFI CAREFIN Working Papers 23195, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
  58. Iny Hwang & Taejin Jung & Woo‐Jong Lee & Daniel G. Yang, 2021. "Asymmetric Inventory Management and the Direction of Sales Changes†," Contemporary Accounting Research, John Wiley & Sons, vol. 38(1), pages 676-706, March.
  59. Haiyan Jiang & Ahsan Habib & Rong Gong, 2015. "Business Cycle and Management Earnings Forecasts," Abacus, Accounting Foundation, University of Sydney, vol. 51(2), pages 279-310, June.
  60. Shantaram Hegde & Tingyu Zhou, 2019. "Predicting Accounting Misconduct: The Role of Firm-Level Investor Optimism," Journal of Business Ethics, Springer, vol. 160(2), pages 535-562, December.
  61. Schiemann, Frank & Tietmeyer, Raphael, 2022. "ESG Controversies, ESG Disclosure and Analyst Forecast Accuracy," International Review of Financial Analysis, Elsevier, vol. 84(C).
  62. Youngdeok Lim & Hyung Il Oh, 2022. "Do Firms Learn from Pre‐announcement Experience? Evidence from Optimistic Pre‐announcements and Market Responses," Abacus, Accounting Foundation, University of Sydney, vol. 58(2), pages 365-392, June.
  63. Kai Wai Hui & P. Eric Yeung, 2013. "Underreaction to Industry‐Wide Earnings and the Post‐Forecast Revision Drift," Journal of Accounting Research, Wiley Blackwell, vol. 51(4), pages 701-737, September.
  64. Lihua Liu & Dongmin Kong & Wei Yang, 2022. "Brain gain of analysts in China: foreign experiences and forecast accuracy," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(2), pages 2089-2129, June.
  65. ED deHAAN & NAN LI & FRANK S. ZHOU, 2023. "Financial Reporting and Employee Job Search," Journal of Accounting Research, Wiley Blackwell, vol. 61(2), pages 571-617, May.
  66. C. S. Agnes Cheng & K. C. Kenneth Chu & James Ohlson, 2020. "Analyst forecasts: sales and profit margins," Review of Accounting Studies, Springer, vol. 25(1), pages 54-83, March.
  67. Zhang, Rachel Xi, 2023. "Do Managers learn from institutional investors through direct interactions?," Journal of Accounting and Economics, Elsevier, vol. 75(2).
  68. Kemin Wang & Xiaoyun Yu & Bohui Zhang, 2023. "Panda Games: Corporate Disclosure in the Eclipse of Search," Management Science, INFORMS, vol. 69(6), pages 3263-3284, June.
  69. Hennig, Jan C. & Oehmichen, Jana & Steinberg, Philip J. & Heigermoser, Judith, 2022. "Determinants of common ownership: Exploring an information-based and a competition-based perspective in a global context," Journal of Business Research, Elsevier, vol. 144(C), pages 690-702.
  70. Henock Louis & Amy X. Sun & Oktay Urcan, 2013. "Do Analysts Sacrifice Forecast Accuracy for Informativeness?," Management Science, INFORMS, vol. 59(7), pages 1688-1708, July.
  71. Tang, Michael & Zarowin, Paul & Zhang, Li, 2015. "How do analysts interpret management range forecasts?," Accounting, Organizations and Society, Elsevier, vol. 42(C), pages 48-66.
  72. Jianghua Shen & Lingmin Xie & Zhimin Xie, 2022. "The unintended consequence of financial statement comparability: evidence from managerial learning practices," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(3), pages 3073-3106, September.
  73. Cristi Gleason & Zhejia Ling & Rong Zhao, 2020. "Selective disclosure and the role of Form 8‐K in the post‐Reg FD era," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(3-4), pages 365-396, March.
  74. Brown, Lawrence D. & Zhou, Ling, 2015. "Interactions between analysts’ and managers’ earnings forecasts," International Journal of Forecasting, Elsevier, vol. 31(2), pages 501-514.
  75. Hsieh, Jim & Ng, Lilian & Wang, Qinghai, 2023. "How informative are insider trades and analyst recommendations?," Journal of Banking & Finance, Elsevier, vol. 149(C).
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