Spreading the Word: Price Discovery and Newswire Dissemination of Management Earnings Guidance

Ajinkya, 1984, Corporate managers' earnings forecasts and symmetrical adjustments of market expectations, Journal of Accounting Research, 22, 425, 10.2307/2490657

Atiase, 2005, Market reaction to multiple contemporaneous earnings signals: Earnings announcements and future earnings guidance, Review of Accounting Studies, 10, 497, 10.1007/s11142-005-4211-8

Ayers, 2011, Investor trading and the post-earnings-announcement drift, The Accounting Review, 86, 385, 10.2308/accr.00000027

Baginski, 1990, The market interpretation of management earnings forecasts as a predictor of subsequent financial analyst forecast revisions, The Accounting Review, 65, 175

Baginski, 1993, The effects of management forecast precision on equity pricing and on the assessment of earnings uncertainty, The Accounting Review, 68, 913

Ball, 2012, Audited financial reporting and voluntary disclosure as complements: A test of the confirmation hypothesis, Journal of Accounting and Economics, 53, 136, 10.1016/j.jacceco.2011.11.005

Bamber, 1998, Discretionary management earnings forecast disclosures: Antecedents and outcomes associated with forecast venue and forecast specificity choices, Journal of Accounting Research, 36, 167, 10.2307/2491473

Barber, 2008, All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors, Review of Financial Studies, 21, 785, 10.1093/rfs/hhm079

Bernard, 1989, Post-earnings-announcement drift: Delayed price response or risk premium?, Journal of Accounting Research, 27, 1, 10.2307/2491062

Beyer, 2010, The financial reporting environment: Review of the recent literature, Journal of Accounting and Economics, 50, 296, 10.1016/j.jacceco.2010.10.003

Blankespoor, 2013, Fair value accounting for financial instruments: Does it improve the association between bank leverage and credit risk?, The Accounting Review, 88, 1143, 10.2308/accr-50419

Blankespoor, 2014, The role of dissemination in market liquidity: Evidence from firms' use of Twitter, The Accounting Review, 89, 79, 10.2308/accr-50576

Bloomfield, 2002, The “incomplete revelation hypothesis” and financial reporting, Accounting Horizons, 16, 233, 10.2308/acch.2002.16.3.233

Bushee, 2010, The role of the business press as an information intermediary, Journal of Accounting Research, 48, 1, 10.1111/j.1475-679X.2009.00357.x

Bushman, 2010, Price discovery and dissemination of private information by loan syndicate participants, Journal of Accounting Research, 48, 921, 10.1111/j.1475-679X.2010.00384.x

Butler, 2007, The effect of reporting frequency on the timeliness of earnings: The cases of voluntary and mandatory interim reports, Journal of Accounting and Economics, 43, 181, 10.1016/j.jacceco.2007.02.001

Chan, 2003, Stock price reaction to news and no-news: Drift and reversal after headlines, Journal of Financial Economics, 70, 223, 10.1016/S0304-405X(03)00146-6

Chuk, 2013, Assessing methods of identifying management forecasts: CIG vs. researcher collected, Journal of Accounting and Economics, 55, 23, 10.1016/j.jacceco.2012.07.001

Clement, 2003, Confirming management earnings forecasts, earnings uncertainty, and stock returns, Journal of Accounting Research, 41, 653, 10.1111/1475-679X.00119

Coller, 1997, Management forecasts and information asymmetry: An examination of bid-ask spreads, The Accounting Review, 35, 181

De Long, 1990, Positive feedback investment strategies and destabilizing rational speculation, Journal of Finance, 45, 379, 10.1111/j.1540-6261.1990.tb03695.x

Doyle, J., and M. Magilke. 2012. The Strategic Timing of Management Forecasts. Working paper, Claremont McKenna College and Utah State University.

Drake, 2012, Investor information demand: Evidence from Google searches around earnings announcements, Journal of Accounting Research, 50, 1001, 10.1111/j.1475-679X.2012.00443.x

Drake, 2014, The media and mispricing: The role of the business press in the pricing of accounting information, The Accounting Review, 89, 1673, 10.2308/accr-50757

Dyck, 2003, The bubble and the media, Corporate Governance and Capital Flows in a Global Economy, 10.1093/oso/9780195167054.003.0004

Engelberg, J. 2008. Costly Information Processing: Evidence from Earnings Announcements. Working paper, The University of North Carolina.

Engelberg, 2011, The causal impact of media in financial markets, Journal of Finance, 66, 67, 10.1111/j.1540-6261.2010.01626.x

Fang, 2009, Media coverage and the cross-section of stock returns, Journal of Finance, 64, 2023, 10.1111/j.1540-6261.2009.01493.x

Feng, 2010, Analysts' incentives to overweight management guidance when revising their short-term earnings forecasts, The Accounting Review, 85, 1617, 10.2308/accr.2010.85.5.1617

Feng, 2010, Once bitten, twice shy: The relation between outcomes of earnings guidance and management guidance strategy, The Accounting Review, 85, 1951, 10.2308/accr.2010.85.6.1951

Feng, M., W. Ge, C. Li, and N. Nagarajan. 2014. Forecast Strategies of Earnings Manipulators and Associated Consequences. Working paper, University of Pittsburgh and University of Washington.

Gow, 2010, Correcting for cross-sectional and time-series dependence in accounting research, The Accounting Review, 85, 483, 10.2308/accr.2010.85.2.483

Green, J., J. Hand, and M. Penn. 2014. Business Press Coverage and the Market Pricing of Good and Bad News. Working paper, The Pennsylvania State University, The University of North Carolina, and Florida State University.

Grossman, 1980, On the impossibility of informationally efficient markets, American Economic Review, 70, 393

Hirshleifer, 2003, Limited attention, information disclosure, and financial reporting, Journal of Accounting and Economics, 36, 337, 10.1016/j.jacceco.2003.10.002

Hirst, 2007, How disaggregation enhances the credibility of management earnings forecasts, Journal of Accounting Research, 45, 811, 10.1111/j.1475-679X.2007.00252.x

Hirst, 2008, Management earnings forecasts: A review and framework, Accounting Horizons, 22, 315, 10.2308/acch.2008.22.3.315

Hong, 1999, A unified theory of underreaction, momentum trading, and overreaction in asset markets, Journal of Finance, 54, 2143, 10.1111/0022-1082.00184

Hosmer, D., and S. Lemeshow. 2000. Applied Logistic Regression. Second edition. Hoboken, NJ: John Wiley & Sons, Inc.

Hutton, A., and P. Stocken. 2009. Prior Forecasting Accuracy and Investor Reaction to Management Earnings Forecasts. Working paper, Boston College.

Hutton, 2003, The role of supplementary statements with management earnings forecasts, Journal of Accounting Research, 41, 867, 10.1046/j.1475-679X.2003.00126.x

Jennings, 1987, Unsystematic security price movements, management earnings forecasts, and revisions in consensus analyst earnings forecasts, Journal of Accounting Research, 25, 90, 10.2307/2491260

King, 1990, Expectations adjustment via timely earnings forecast disclosure: Review, synthesis, and suggestions for future research, Journal of Accounting Literature, 9, 113

Kothari, 2009, The effects of disclosures by management, analysts, and business press on cost of capital, return volatility, and analyst forecasts: A study using content analysis, The Accounting Review, 84, 1639, 10.2308/accr.2009.84.5.1639

Lee, 2001, Market efficiency and accounting research: A discussion of “Capital market research in accounting” by S. P. Kothari, Journal of Accounting and Economics, 31, 233, 10.1016/S0165-4101(01)00038-6

Leone, A., M. Minutti-Meza, and C. Wasley. 2014. Influential Observations and Inference in Accounting Research. Working paper, University of Miami and University of Rochester.

Li, 2011, The roles of newswires in screening and disseminating value-relevant information in periodic SEC reports, The Accounting Review, 86, 669, 10.2308/accr.00000023

Merton, 1987, A simple model of capital market equilibrium with incomplete information, Journal of Finance, 42, 483, 10.1111/j.1540-6261.1987.tb04565.x

Milian, J. 2010. The Relative Information Content of Guidance and Earnings. Working paper, The University of Chicago.

Ng, 2013, Management forecast credibility and underreaction to news, Review of Accounting Studies, 18, 956, 10.1007/s11142-012-9217-4

Petersen, 2009, Estimating standard errors in finance panel data sets: Comparing approaches, Review of Financial Studies, 22, 435, 10.1093/rfs/hhn053

Pownall, 1993, The stock price effects of alternative types of management earnings forecasts, The Accounting Review, 68, 896

Rees, 2015, Who's heard on the street? Determinants and consequences of financial analyst coverage in the business press, Review of Accounting Studies, 20, 173, 10.1007/s11142-014-9298-3

Rogers, 2013, Bundled forecasts in empirical accounting research, Journal of Accounting and Economics, 55, 43, 10.1016/j.jacceco.2012.06.001

Rogers, J., D. Skinner, and S. Zechman. 2013. The Role of the Media in Disseminating Insider Trading News. Working paper, The University of Chicago.

Skinner, 1994, Why firms voluntarily disclose bad news, Journal of Accounting Research, 32, 38, 10.2307/2491386

Solomon, D., and E. Soltes. 2012. Managerial Control of Business Press Coverage. Working paper, University of Southern California and Harvard University.

Solomon, 2014, Winners in the spotlight: Media coverage of fund holdings as a driver of flows, Journal of Financial Economics, 113, 53, 10.1016/j.jfineco.2014.02.009

Soltes, E. 2011. Disseminating Firm Disclosures. Working paper, Harvard University.

Tetlock, 2011, All the news that's fit to reprint: Do investors react to stale information?, Review of Financial Studies, 24, 1481, 10.1093/rfs/hhq141

Wasley, 2006, Why do managers voluntarily issue cash flow forecasts?, Journal of Accounting Research, 44, 389, 10.1111/j.1475-679X.2006.00206.x

White, 1980, A heteroscedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity, Econometrica, 48, 817, 10.2307/1912934

Williams, 1996, The relation between a prior earnings forecast by management and analyst response to a current management forecast, The Accounting Review, 71, 103

Yang, 2012, Capital market consequences of managers' voluntary disclosure styles, Journal of Accounting and Economics, 53, 167, 10.1016/j.jacceco.2011.08.003