File Download
  Links for fulltext
     (May Require Subscription)
Supplementary

Article: Investors' reactions to management earnings guidance: The joint effect of investment position, news valence, and guidance form

TitleInvestors' reactions to management earnings guidance: The joint effect of investment position, news valence, and guidance form
Authors
Issue Date2010
PublisherBlackwell Publishing, Inc. The Journal's web site is located at http://www.blackwellpublishing.com/journals/JAR
Citation
Journal Of Accounting Research, 2010, v. 48 n. 1, p. 81-104 How to Cite?
AbstractWe report the results of an experiment that shows that investors' earnings- and investment-related judgments are jointly influenced by their investment position (long versus short), the news valence of guidance issued by management, and the amount of ambiguity in the guidance. Prior research indicates that guidance form (point versus range) has no effect on investors' earnings estimates made in reaction to management guidance. We extend this research by showing that guidance form matters, conditional on investment position and news valence. Similarly, prior research indicates that investors who hold long (short) positions in a stock are more optimistic (pessimistic) about the company's prospects. We extend this research by showing that the effect of investment position documented in prior studies is conditional on news valence and guidance form. We contribute to prior literature on the effects of investment position and guidance form by delineating boundary conditions for each of these effects. © 2009 University of Chicago on behalf of the Accounting Research Center.
Persistent Identifierhttp://hdl.handle.net/10722/178043
ISSN
2015 Impact Factor: 2.243
2015 SCImago Journal Rankings: 5.733
SSRN
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorHan, Jen_US
dc.contributor.authorTan, HTen_US
dc.date.accessioned2012-12-19T09:41:40Z-
dc.date.available2012-12-19T09:41:40Z-
dc.date.issued2010en_US
dc.identifier.citationJournal Of Accounting Research, 2010, v. 48 n. 1, p. 81-104en_US
dc.identifier.issn0021-8456en_US
dc.identifier.urihttp://hdl.handle.net/10722/178043-
dc.description.abstractWe report the results of an experiment that shows that investors' earnings- and investment-related judgments are jointly influenced by their investment position (long versus short), the news valence of guidance issued by management, and the amount of ambiguity in the guidance. Prior research indicates that guidance form (point versus range) has no effect on investors' earnings estimates made in reaction to management guidance. We extend this research by showing that guidance form matters, conditional on investment position and news valence. Similarly, prior research indicates that investors who hold long (short) positions in a stock are more optimistic (pessimistic) about the company's prospects. We extend this research by showing that the effect of investment position documented in prior studies is conditional on news valence and guidance form. We contribute to prior literature on the effects of investment position and guidance form by delineating boundary conditions for each of these effects. © 2009 University of Chicago on behalf of the Accounting Research Center.en_US
dc.languageengen_US
dc.publisherBlackwell Publishing, Inc. The Journal's web site is located at http://www.blackwellpublishing.com/journals/JARen_US
dc.relation.ispartofJournal of Accounting Researchen_US
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.titleInvestors' reactions to management earnings guidance: The joint effect of investment position, news valence, and guidance formen_US
dc.typeArticleen_US
dc.identifier.emailHan, J: junhan@business.hku.hken_US
dc.identifier.authorityHan, J=rp01066en_US
dc.description.naturepostprinten_US
dc.identifier.doi10.1111/j.1475-679X.2009.00350.xen_US
dc.identifier.scopuseid_2-s2.0-74549191935en_US
dc.identifier.hkuros172920-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-74549191935&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume48en_US
dc.identifier.issue1en_US
dc.identifier.spage81en_US
dc.identifier.epage104en_US
dc.identifier.eissn1475-679X-
dc.identifier.isiWOS:000273687500005-
dc.publisher.placeUnited Statesen_US
dc.identifier.ssrn1431867-
dc.identifier.scopusauthoridHan, J=55429599300en_US
dc.identifier.scopusauthoridTan, HT=7403011560en_US
dc.identifier.citeulike6562865-

Export via OAI-PMH Interface in XML Formats


OR


Export to Other Non-XML Formats