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最新论文带读:预期办 (Expectations Management)

时间:2019-01-12 来源:[db:来源] 作者:[db:作者] 点击:加载中..
  

  原题目:最新论文带读:预期办 (Expectations Management)

  本期向父亲家伸见早年最新发表发出产于TAR上的壹篇论文,关于企业办者何以经度过私拥有沟畅通和地下说出对剖析师的预期终止办的切磋,论文干者之壹 Trueman 教养任命为 UCLA 会计师系的 Chair(曾任 UC Berkeley 会计师系的 Chair),另壹位干者落士逝业于 UCLA。详细如次:

  Expectations Management

  Tsahi Versano

  Tel Aviv University

  Brett Trueman

  University of California, Los Angeles

  Abstract:This paper analyzes a manager's optimal expectations management strategy in a setting in which the manager provides forecast guidance to an analyst both privately and publicly. Conventional wisdom suggests that managers use private communications with analysts and public earnings forecasts interchangeably to guide analysts' earnings forecasts downward toward lower earnings targets. Our analysis shows that in markets with rational investors, private and public guidance play very different roles in managing expectations, and that managers benefit from downward guidance only in their private communication with analysts. In their public forecasts, they benefit from introducing an upward bias. We explore how the effectiveness of the private and public channels in communicating information to analysts affects managers' incentive to engage in expectations management, and provide a number of empirical predictions. Among other results, we show how reducing private communication between managers and analysts (through means such as Regulation Fair Disclosure) can increase price efficiency, weaken managers' motivation to engage in private, as well as public, expectations management, and increase managers' motivation to provide public disclosures.

  Source:The Accounting Review, 2017,92(5), 227-246

  下面是小编念书此文【Versano & Trueman (2017)】的心得和尽结,愿与父亲家分享

  

  

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  拥有很多阅历证据标注皓,企业办者畅通日会经度过办载余容许剖析师的预期,进而保障企业报告的载余到臻或超越火析师预测的程度 (“meet-or-beat”)。拥有不微少即兴实文件对企业载余办行为终止了切磋,条是,鲜拥有即兴实文件聚焦企业预期办。与载余办比较,预期办最父亲的特点坚硬是经度过第叁方(剖析师)发挥动干用,即企业办者经度过与剖析师终止私拥有沟畅通或地下说出(办层载余预测),进而改触动剖析师的铰断,并进壹步反应在本钱市场中;而载余办更多地是直接影响投资者或剖析师的铰断。Versano & Trueman (2017) 壹文就切磋了企业办者的预期办行为。

  为了说皓论文的穿扦及首要定论,下面区别信募化地到来考虑剖析师、办者和投资者(市场)叁方的行为经过及反应:

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