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An empirical assessment of the premium associated with meeting or beating both time-series earnings expectations and analysts’ forecasts

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  • Nicholas Dopuch
  • Chandra Seethamraju
  • Weihong Xu

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  • Nicholas Dopuch & Chandra Seethamraju & Weihong Xu, 2008. "An empirical assessment of the premium associated with meeting or beating both time-series earnings expectations and analysts’ forecasts," Review of Quantitative Finance and Accounting, Springer, vol. 31(2), pages 147-166, August.
    • Handle: RePEc:kap:rqfnac:v:31:y:2008:i:2:p:147-166
    DOI: 10.1007/s11156-007-0075-2
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    References listed on IDEAS

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    1. Francis, J & Philbrick, D & Schipper, K, 1994. "Shareholder Litigation And Corporate Disclosures," Journal of Accounting Research, Wiley Blackwell, vol. 32(2), pages 137-164.
    2. Degeorge, Francois & Patel, Jayendu & Zeckhauser, Richard, 1999. "Earnings Management to Exceed Thresholds," The Journal of Business, University of Chicago Press, vol. 72(1), pages 1-33, January.
    3. Bartov, Eli & Givoly, Dan & Hayn, Carla, 2002. "The rewards to meeting or beating earnings expectations," Journal of Accounting and Economics, Elsevier, vol. 33(2), pages 173-204, June.
    4. William Kinney & David Burgstahler & Roger Martin, 2002. "Earnings Surprise “Materiality” as Measured by Stock Returns," Journal of Accounting Research, Wiley Blackwell, vol. 40(5), pages 1297-1329, December.
    5. Clement, Michael B., 1999. "Analyst forecast accuracy: Do ability, resources, and portfolio complexity matter?," Journal of Accounting and Economics, Elsevier, vol. 27(3), pages 285-303, July.
    6. Jacob, John & Lys, Thomas Z. & Neale, Margaret A., 1999. "Expertise in forecasting performance of security analysts," Journal of Accounting and Economics, Elsevier, vol. 28(1), pages 51-82, November.
    7. Brown, Lawrence D & Rozeff, Michael S, 1978. "The Superiority of Analyst Forecasts as Measures of Expectations: Evidence from Earnings," Journal of Finance, American Finance Association, vol. 33(1), pages 1-16, March.
    8. Brown, Ld & Rozeff, Ms, 1979. "Univariate Time-Series Models Of Quarterly Accounting Earnings Per Share - Proposed Model," Journal of Accounting Research, Wiley Blackwell, vol. 17(1), pages 179-189.
    9. Mikhail, MB & Walther, BR & Willis, RH, 1997. "Do security analysts improve their performance with experience?," Journal of Accounting Research, Wiley Blackwell, vol. 35, pages 131-157.
    10. Brown, Lawrence D. & Hagerman, Robert L. & Griffin, Paul A. & Zmijewski, Mark E., 1987. "Security analyst superiority relative to univariate time-series models in forecasting quarterly earnings," Journal of Accounting and Economics, Elsevier, vol. 9(1), pages 61-87, April.
    11. Burgstahler, David & Dichev, Ilia, 1997. "Earnings management to avoid earnings decreases and losses," Journal of Accounting and Economics, Elsevier, vol. 24(1), pages 99-126, December.
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    Citations

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    Cited by:

    1. Vincent Chen & Samuel Tiras, 2015. "‘Other information’ as an explanatory factor for the opposite market reactions to earnings surprises," Review of Quantitative Finance and Accounting, Springer, vol. 45(4), pages 757-784, November.
    2. Michael Lacina & Byung Ro, 2013. "Market implied future earnings and analysts’ forecasts," Review of Quantitative Finance and Accounting, Springer, vol. 41(2), pages 295-341, August.
    3. Al Mabsali, Yousuf Khamis & Hayward, Robert & Eliwa, Yasser, 2021. "Managerial tools used to meet or beat analyst forecasts: Evidence from the UK," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 43(C).
    4. Huong Higgins, 2011. "Forecasting stock price with the residual income model," Review of Quantitative Finance and Accounting, Springer, vol. 36(4), pages 583-604, May.
    5. Lawrence Brown & Kelly Huang & Arianna Pinello, 2013. "To beat or not to beat? The importance of analysts’ cash flow forecasts," Review of Quantitative Finance and Accounting, Springer, vol. 41(4), pages 723-752, November.
    6. Aaron Crabtree & Thomas Kubick, 2014. "Corporate tax avoidance and the timeliness of annual earnings announcements," Review of Quantitative Finance and Accounting, Springer, vol. 42(1), pages 51-67, January.
    7. Camillo Lento & Julie Cotter & Irene Tutticci, 2016. "Does the market price the nature and extent of earnings management for firms that beat their earnings benchmark?," Australian Journal of Management, Australian School of Business, vol. 41(4), pages 633-655, November.
    8. Jan Alexander Fischer & Philipp Pohl & Dietmar Ratz, 2020. "A machine learning approach to univariate time series forecasting of quarterly earnings," Review of Quantitative Finance and Accounting, Springer, vol. 55(4), pages 1163-1179, November.

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    More about this item

    Keywords

    Meet; Beat; Time-series earnings expectations; Analysts' forecasts; M41;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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