Differential effects of regulation FD on short- and long-term analyst forecasts

Ahmed, 2007, The impact of regulation fair disclosure on investors’ prior information quality – evidence from an analysis of changes in trading volume and stock price reactions to earnings announcements, Journal of Corporate Finance, 13, 282, 10.1016/j.jcorpfin.2006.11.003 Arya, 2005, Unintended consequences of regulating disclosures: the case of regulation fair disclosure, Journal of Accounting and Public Policy, 24, 243, 10.1016/j.jaccpubpol.2005.03.004 Association for Investment Management Research (AIMR), 2001a. Fair but not full disclosure: everyone has less information under regulation FD, analysts, portfolio managers say, Association of Investment Management Research (currently CFA Institute), Charlottesville, VA. Association for Investment Management and Research (AIMR), 2001b. AIMR surveys, March 26, 2001 (www.aimr.org/pressroom/01releases/regFD_survey.html), October 18, 2001 (www.aimr.com/pressroom/01releases/01RegFD.html). Bailey, 2003, Regulation fair disclosure and earnings information: market, analyst, and corporate responses, The Journal of Finance, 58, 2487, 10.1046/j.1540-6261.2003.00613.x Bandyopadhyay, 1995, Analysts’ use of earnings forecasts in predicting stock returns: forecast horizon effects, International Journal of Forecasting, 11, 429, 10.1016/0169-2070(95)00593-0 Banker, 1989, Sensitivity, precision, and linear aggregation of signals for performance evaluation, Journal of Accounting Research, 27, 21, 10.2307/2491205 Barron, 1998, Using analysts’ forecasts to measure properties of analysts’ information environment, The Accounting Review, 73, 421 Brown, 1985 Brown, 2004, Conference calls and information asymmetry, Journal of Accounting & Economics, 37, 343, 10.1016/j.jacceco.2004.02.001 Bushee, 2004, Managerial and investor responses to disclosure regulation: the case of Reg FD and conference calls, The Accounting Review, 79, 617, 10.2308/accr.2004.79.3.617 Darrough, 1993, Disclosure policy and competition: Cournot vs. Bertrand, The Accounting Review, 68, 534 Darrough, 1990, Financial disclosure policy in an entry game, Journal of Accounting & Economics, 12, 219, 10.1016/0165-4101(90)90048-9 Duarte, 2008, Information asymmetry, information dissemination and the effect of regulation FD on the cost of capital, Journal of Financial Economics, 87, 24, 10.1016/j.jfineco.2006.12.005 Eleswarapu, 2004, The impact of regulation fair disclosure: trading costs and information asymmetry, Journal of Financial and Quantitative Analysis, 39, 209, 10.1017/S0022109000003045 Francis, 2006, Re-examining the effects of regulation fair disclosure using foreign listed firms to control for concurrent shocks, Journal of Accounting & Economics, 41, 271, 10.1016/j.jacceco.2006.03.002 Gintschel, 2004, The effectiveness of regulation FD, Journal of Accounting & Economics, 37, 293, 10.1016/j.jacceco.2003.12.001 Guo, 2006, Explaining the short- and long-term IPO anomalies in the US by R&D, Journal of Business Finance & Accounting, 33, 550, 10.1111/j.1468-5957.2006.00610.x Heflin, 2003, Regulation FD and the financial information environment: early evidence, The Accounting Review, 78, 1, 10.2308/accr.2003.78.1.1 Hughes, 2002, Public disclosure of forward contracts and revelation of proprietary information, Review of Accounting Studies, 7, 459, 10.1023/A:1020715729207 Irani, 2003, Regulation fair disclosure, analyst following, and analyst forecast dispersion, Accounting Horizons, 17, 15, 10.2308/acch.2003.17.1.15 Jorgensen, 2004, A survey on the dissemination of earnings information by large firms, Journal of Applied Finance, 14, 77 Katz, D.M., 2000. Reg FD and the big chill: a new SEC rule causes one company to circle its wagons. CFO.Com, November 27. Leung, 2006, The effect of the private securities litigation reform act on analyst forecast properties: the impact of firm size and growth opportunities, Journal of Business Finance & Accounting, 33, 767, 10.1111/j.1468-5957.2006.00020.x Mest, 1999, Transitory and persistent earnings components as reflected in analysts’ short-term and long-term earnings forecasts: evidence from a nonlinear model, International Journal of Forecasting, 15, 291, 10.1016/S0169-2070(98)00071-5 Mohanram, 2006, How has regulation FD affected the operations of financial analysts?, Contemporary Accounting Research, 23, 491, 10.1506/7H81-8J8X-C6RT-UVJP PriceWaterhouseCoopers (PWC), 2001. PWC surveys, April 23, 2001 (http://www.barometersurveys.com/pr/te010423.html), October 17, 2001 (http://www.barometersurveys.com/pr/mg011017.html). Rajgopal, 2003, Does the stock market fully appreciate the implications of leading indicators for future earnings? Evidence from order backlog, Review of Accounting Studies, 8, 461, 10.1023/A:1027364031775 Securities and Exchange Commission (SEC), 2000. Regulation FD, Code of Federal Regulations 243, 100-243.103, Securities and Exchange Commission, Washington, DC. Securities and Exchange Commission (SEC), 2001. Regulation Fair Disclosure revisited. Special SEC Study (December 2001). Available at: (http://www.sec.gov/news/studies/regfdstudy.htm). Securities Industry Association (SIA), 2001. Costs and benefits of Regulation Fair Disclosure. Survey, May 2001. Available at (http://www.sia.com/reg_fd/pdf/RegFD.pdf). Shane, P., Soderstrom, N., Yoon, S., 2001. Earnings and price discovery in the post-Reg. FD information environment: a preliminary analysis. Working Paper: Revised January 21, 2002 (SSRN: http://ssrn.com/abstract=291082). Sidhu, 2008, Regulation fair disclosure and the cost of adverse selection, Journal of Accounting Research, 46, 697, 10.1111/j.1475-679X.2008.00286.x Sunder, S.V., 2002. Investor access to conference call disclosures: impact of regulation fair disclosure on information asymmetry. Working paper, Northwestern University (SSRN: http://ssrn.com/abstract=298653). Tasker, 1998, Bridging the information gap: quarterly conference calls as a medium for voluntary disclosure, Review of Accounting Studies, 3, 137, 10.1023/A:1009684502135 Yang, 2006, The effect of the SEC’s regulation fair disclosure on analyst forecast attributes, Journal of Financial Regulation and Compliance, 14, 192, 10.1108/13581980610659503