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Is silence golden? An empirical analysis of firms that stop giving quarterly earnings guidance

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Cited by:

  1. Stephen A. Hillegeist & James P. Kavourakis & Matthew Pinnuck, 2023. "The association between quarter length, forecast errors, and firms’ voluntary disclosures," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(2), pages 1885-1918, June.
  2. David Veenman & Patrick Verwijmeren, 2022. "The Earnings Expectations Game and the Dispersion Anomaly," Management Science, INFORMS, vol. 68(4), pages 3129-3149, April.
  3. Dongyoung Lee, 2017. "Corporate Social Responsibility and Management Forecast Accuracy," Journal of Business Ethics, Springer, vol. 140(2), pages 353-367, January.
  4. Anil Arya & Ram N. V. Ramanan, 2023. "Endogenizing Discretion in Disclosures," Management Science, INFORMS, vol. 69(6), pages 3730-3747, June.
  5. Jason V. Chen & Itay Kama & Reuven Lehavy, 2019. "A contextual analysis of the impact of managerial expectations on asymmetric cost behavior," Review of Accounting Studies, Springer, vol. 24(2), pages 665-693, June.
  6. Wenqin Li & John Ziyang Zhang & Rong Ding, 2023. "Impact of Directors’ Network on Corporate Social Responsibility Disclosure: Evidence from China," Journal of Business Ethics, Springer, vol. 183(2), pages 551-583, March.
  7. Ruth V. Aguilera & Kurt A. Desender & Mónica López-Puertas Lamy & Jun Ho Lee, 2017. "The governance impact of a changing investor landscape," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(2), pages 195-221, February.
  8. Huang, Kelly, 2020. "Management forecast errors and corporate investment efficiency," Journal of Contemporary Accounting and Economics, Elsevier, vol. 16(3).
  9. Chuk, Elizabeth & Matsumoto, Dawn & Miller, Gregory S., 2013. "Assessing methods of identifying management forecasts: CIG vs. researcher collected," Journal of Accounting and Economics, Elsevier, vol. 55(1), pages 23-42.
  10. 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.
  11. Vollmer, Hendrik, 2019. "Accounting for tacit coordination: The passing of accounts and the broader case for accounting theory," Accounting, Organizations and Society, Elsevier, vol. 73(C), pages 15-34.
  12. Tuo, Ling & Rezaee, Zabihollah & Gao, Lei, 2024. "Is there a tradeoff between management earnings forecasts and sustainability reporting?," Global Finance Journal, Elsevier, vol. 59(C).
  13. Sun Hyun Park & Kelly Patterson, 2021. "Being Counted and Remaining Accountable: Maintenance of Quarterly Earnings Guidance by U.S. Public Companies," Organization Science, INFORMS, vol. 32(3), pages 544-567, May.
  14. Billings, Mary Brooke & Jennings, Robert & Lev, Baruch, 2015. "On guidance and volatility," Journal of Accounting and Economics, Elsevier, vol. 60(2), pages 161-180.
  15. Tucker, Jennifer Wu, 2015. "The relation between disclosure quality and reporting quality: A discussion of Cassell, Myers, and Seidel (2015)," Accounting, Organizations and Society, Elsevier, vol. 46(C), pages 39-43.
  16. Billings, Mary Brooke & Cedergren, Matthew C., 2015. "Strategic silence, insider selling and litigation risk," Journal of Accounting and Economics, Elsevier, vol. 59(2), pages 119-142.
  17. Agapova, Anna & Madura, Jeff, 2016. "Market uncertainty and earnings guidance," The Quarterly Review of Economics and Finance, Elsevier, vol. 61(C), pages 97-111.
  18. Mehdi Beyhaghi & Pooyan Khashabi & Ali Mohammadi, 2023. "Pre-grant Patent Disclosure and Analyst Forecast Accuracy," Management Science, INFORMS, vol. 69(5), pages 3140-3155, May.
  19. Brian L. Connelly & Laszlo Tihanyi & David J. Ketchen Jr & Christina Matz Carnes & Walter J. Ferrier, 2017. "Competitive repertoire complexity: Governance antecedents and performance outcomes," Strategic Management Journal, Wiley Blackwell, vol. 38(5), pages 1151-1173, May.
  20. Guojin Gong & Laura Y. Li & Jeff J. Wang, 2011. "Serial Correlation in Management Earnings Forecast Errors," Journal of Accounting Research, Wiley Blackwell, vol. 49(3), pages 677-720, June.
  21. Dongil D. Keum & J. P. Eggers, 2018. "Setting the Bar: The Evaluative and Allocative Roles of Organizational Aspirations," Organization Science, INFORMS, vol. 29(6), pages 1170-1186, December.
  22. Frank S. Zhou & Yuqing Zhou, 2020. "The Dog that Did Not Bark: Limited Price Efficiency and Strategic Nondisclosure," Journal of Accounting Research, Wiley Blackwell, vol. 58(1), pages 155-197, March.
  23. Li, Wanyun, 2022. "Disclosure of internal control material weaknesses and optimism in analyst earnings forecasts," International Journal of Accounting Information Systems, Elsevier, vol. 44(C).
  24. Chen, Jing & Jung, Michael J. & Tang, Michael, 2023. "Does lowball guidance work? An analysis of firms that consistently beat their guidance by large margins," The British Accounting Review, Elsevier, vol. 55(6).
  25. Jing Chen & Michael J. Jung, 2016. "Activist hedge funds and firm disclosure," Review of Financial Economics, John Wiley & Sons, vol. 29(1), pages 52-63, April.
  26. Agnes C. S. Cheng & Wenli Huang & Shaojun Zhang, 2020. "Major government customer and management earnings forecasts," Frontiers of Business Research in China, Springer, vol. 14(1), pages 1-20, December.
  27. Francois Brochet & Lucile Faurel & Sarah Mcvay, 2011. "Manager‐Specific Effects on Earnings Guidance: An Analysis of Top Executive Turnovers," Journal of Accounting Research, Wiley Blackwell, vol. 49(5), pages 1123-1162, December.
  28. Yanrong Jia & Ananth Seetharaman & Yan Sun & Xu Wang, 2023. "Relative Performance Goals and Management Earnings Guidance," Journal of Business Ethics, Springer, vol. 183(4), pages 1045-1071, April.
  29. Wang, Fengrong & Mbanyele, William & Muchenje, Linda, 2022. "Economic policy uncertainty and stock liquidity: The mitigating effect of information disclosure," Research in International Business and Finance, Elsevier, vol. 59(C).
  30. Kristian D. Allee & Theodore E. Christensen & Bryan S. Graden & Kenneth J. Merkley, 2021. "The Genesis of Voluntary Disclosure: An Analysis of Firms’ First Earnings Guidance," Management Science, INFORMS, vol. 67(3), pages 1914-1938, March.
  31. Thorsten Knauer & Christian Ledwig & Andreas Wömpener, 2012. "Zur Wertrelevanz freiwilliger Managementprognosen in Deutschland," Schmalenbach Journal of Business Research, Springer, vol. 64(2), pages 166-204, March.
  32. Wan, Zhao & Tian, Haowen, 2022. "The effect of the COVID-19 pandemic on information disclosure: Evidence from China," Economics Letters, Elsevier, vol. 217(C).
  33. Allen H. Huang & Reuven Lehavy & Amy Y. Zang & Rong Zheng, 2018. "Analyst Information Discovery and Interpretation Roles: A Topic Modeling Approach," Management Science, INFORMS, vol. 64(6), pages 2833-2855, June.
  34. Thomas Bourveau & Yun Lou & Rencheng Wang, 2018. "Shareholder Litigation and Corporate Disclosure: Evidence from Derivative Lawsuits," Journal of Accounting Research, Wiley Blackwell, vol. 56(3), pages 797-842, June.
  35. Seo, Hojun, 2021. "Peer effects in corporate disclosure decisions," Journal of Accounting and Economics, Elsevier, vol. 71(1).
  36. John (Jianqiu) Bai & Matthew Serfling & Sarah Shaikh, 2022. "Financial disclosure transparency and employee wages," The Financial Review, Eastern Finance Association, vol. 57(4), pages 751-773, November.
  37. Jaehong Lee & Eunjoo Cho & Jong Sung Park, 2019. "Towards a More Transparent Disclosure for Corporate Sustainability: Focusing on the Regulation of Unfaithful Disclosure Designation," Sustainability, MDPI, vol. 11(22), pages 1-26, November.
  38. Kannan, Yezen & Khallaf, Ashraf & Gleason, Kimberly & Bostan, Ibrahim, 2023. "The relationship between R&D intensity, conservatism, and management earnings forecast issuance," Advances in accounting, Elsevier, vol. 62(C).
  39. Shota Otomasa & Atsushi Shiiba & Akinobu Shuto, 2015. "Management Earnings Forecasts as a Performance Target in Executive Compensation Contracts," CARF F-Series CARF-F-368, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
  40. Chen, Jing & Jung, Michael J., 2016. "Activist hedge funds and firm disclosure," Review of Financial Economics, Elsevier, vol. 29(C), pages 52-63.
  41. Guanming He, 2023. "How do insider trading incentives shape nonfinancial disclosures? Evidence from product and business expansion disclosures," Review of Quantitative Finance and Accounting, Springer, vol. 60(1), pages 147-194, January.
  42. Mirko S. Heinle & Robert E. Verrecchia, 2016. "Bias and the Commitment to Disclosure," Management Science, INFORMS, vol. 62(10), pages 2859-2870, October.
  43. Cyrus Aghamolla & Carlos Corona & Ronghuo Zheng, 2021. "No reliance on guidance: counter‐signaling in management forecasts," RAND Journal of Economics, RAND Corporation, vol. 52(1), pages 207-245, March.
  44. Yaqin Hu, 2023. "Local CEOs, career concerns and voluntary disclosure," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(3-4), pages 565-597, March.
  45. 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.
  46. Elaine Ying Wang & Hun‐Tong Tan, 2013. "The Effects of Guidance Frequency and Guidance Goal on Managerial Decisions," Journal of Accounting Research, Wiley Blackwell, vol. 51(3), pages 673-700, June.
  47. 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.
  48. Allison Koester & Russell Lundholm & Mark Soliman, 2016. "Attracting Attention in a Limited Attention World: Exploring the Causes and Consequences of Extreme Positive Earnings Surprises," Management Science, INFORMS, vol. 62(10), pages 2871-2896, October.
  49. Albert Tsang & Yi Xiang & Miao Yu, 2023. "Cross‐border regulatory enforcement and corporate voluntary disclosure," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(3-4), pages 482-523, March.
  50. Chen, Heng & Li, Xu & Pei, Guangyu & Xin, Qian, 2024. "Heterogeneous overreaction in expectation formation: Evidence and theory," Journal of Economic Theory, Elsevier, vol. 218(C).
  51. Yongtae Kim & Lixin (Nancy) Su & Xindong (Kevin) Zhu, 2017. "Does the cessation of quarterly earnings guidance reduce investors’ short-termism?," Review of Accounting Studies, Springer, vol. 22(2), pages 715-752, June.
  52. Zachary Kaplan & Xiumin Martin & Yifang Xie, 2021. "Truncating Optimism," Journal of Accounting Research, Wiley Blackwell, vol. 59(5), pages 1827-1884, December.
  53. Nagar, Venky & Schoenfeld, Jordan, 2021. "Shareholder monitoring and discretionary disclosure," Journal of Accounting and Economics, Elsevier, vol. 72(1).
  54. Yang, Holly I., 2012. "Capital market consequences of managers' voluntary disclosure styles," Journal of Accounting and Economics, Elsevier, vol. 53(1), pages 167-184.
  55. Bill Hu & Joon Ho Hwang & Christine Jiang, 2014. "The Impact of Earnings Guidance Cessation on Information Asymmetry," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 41(1-2), pages 73-99, January.
  56. Imhof, Michael J & Seavey, Scott E., 2018. "How investors value cash and cash flows when managers commit to providing earnings forecasts," Advances in accounting, Elsevier, vol. 41(C), pages 74-87.
  57. Dayanandan, Ajit & Donker, Han & Karahan, Gökhan, 2017. "Do voluntary disclosures of bad news improve liquidity?," The North American Journal of Economics and Finance, Elsevier, vol. 40(C), pages 16-29.
  58. Bozanic, Zahn & Roulstone, Darren T. & Van Buskirk, Andrew, 2018. "Management earnings forecasts and other forward-looking statements," Journal of Accounting and Economics, Elsevier, vol. 65(1), pages 1-20.
  59. Koch, Adam S. & Lefanowicz, Craig E. & Robinson, John R., 2012. "The effect of quarterly earnings guidance on share values in corporate acquisitions," Journal of Corporate Finance, Elsevier, vol. 18(5), pages 1269-1285.
  60. Martineau, Charles, 2021. "Rest in Peace Post-Earnings Announcement Drift," SocArXiv z7k3p, Center for Open Science.
  61. Chen, Yuan & Han, Dongmei & Zhou, Xiaofeng, 2023. "Mining the emotional information in the audio of earnings conference calls : A deep learning approach for sentiment analysis of securities analysts' follow-up behavior," International Review of Financial Analysis, Elsevier, vol. 88(C).
  62. Miles Gietzmann & Ivana Raonic, 2014. "Thinly Traded Growth Stocks: A Joint Examination of Transparency in Communication and the Trading Platform," European Accounting Review, Taylor & Francis Journals, vol. 23(2), pages 257-289, June.
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