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Article: Investors' reactions to management guidance forms: The influence of multiple benchmarks

TitleInvestors' reactions to management guidance forms: The influence of multiple benchmarks
Authors
KeywordsGuidance form
Investor knowledge
Management guidance
Multiple reference points
Issue Date2007
PublisherAmerican Accounting Association. The Journal's web site is located at http://aaapubs.aip.org/accr/
Citation
Accounting Review, 2007, v. 82 n. 2, p. 521-543 How to Cite?
AbstractIn this study, we investigate underlying mechanisms for the effects of management guidance forms on investors' judgments. We do so by comparing effects of point and range guidance with those associated with a hybrid management guidance form that combines the attributes of both point and range guidance. With respect to investors' earnings reestimates made after actual earnings announcements, we find that both the number and type of benchmarks associated with the guidance forms matter. High-knowledge investors use both primary (explicitly stated) and secondary (implicitly stated) benchmarks, whereas low-knowledge investors attend only to primary benchmarks. We also find that investors have greater confidence in their earnings estimates when management guidance explicitly provides best estimates.
Persistent Identifierhttp://hdl.handle.net/10722/85800
ISSN
2015 Impact Factor: 1.953
2015 SCImago Journal Rankings: 4.478
SSRN
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorHan, Jen_HK
dc.contributor.authorTan, HTen_HK
dc.date.accessioned2010-09-06T09:09:23Z-
dc.date.available2010-09-06T09:09:23Z-
dc.date.issued2007en_HK
dc.identifier.citationAccounting Review, 2007, v. 82 n. 2, p. 521-543en_HK
dc.identifier.issn0001-4826en_HK
dc.identifier.urihttp://hdl.handle.net/10722/85800-
dc.description.abstractIn this study, we investigate underlying mechanisms for the effects of management guidance forms on investors' judgments. We do so by comparing effects of point and range guidance with those associated with a hybrid management guidance form that combines the attributes of both point and range guidance. With respect to investors' earnings reestimates made after actual earnings announcements, we find that both the number and type of benchmarks associated with the guidance forms matter. High-knowledge investors use both primary (explicitly stated) and secondary (implicitly stated) benchmarks, whereas low-knowledge investors attend only to primary benchmarks. We also find that investors have greater confidence in their earnings estimates when management guidance explicitly provides best estimates.en_HK
dc.languageengen_HK
dc.publisherAmerican Accounting Association. The Journal's web site is located at http://aaapubs.aip.org/accr/en_HK
dc.relation.ispartofAccounting Reviewen_HK
dc.subjectGuidance formen_HK
dc.subjectInvestor knowledgeen_HK
dc.subjectManagement guidanceen_HK
dc.subjectMultiple reference pointsen_HK
dc.titleInvestors' reactions to management guidance forms: The influence of multiple benchmarksen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0001-4826&volume=82&spage=521&epage=543&date=2007&atitle=Investors%27+Reactions+to+Management+Guidance+Forms:+The+Influence+of+Multiple+Benchmarksen_HK
dc.identifier.emailHan, J: junhan@business.hku.hken_HK
dc.identifier.authorityHan, J=rp01066en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.2308/accr.2007.82.2.521en_HK
dc.identifier.scopuseid_2-s2.0-34247543910en_HK
dc.identifier.hkuros128015en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-34247543910&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume82en_HK
dc.identifier.issue2en_HK
dc.identifier.spage521en_HK
dc.identifier.epage543en_HK
dc.identifier.eissn1558-7967-
dc.identifier.isiWOS:000245415700008-
dc.publisher.placeUnited Statesen_HK
dc.identifier.ssrn938688-
dc.identifier.ssrn917983-
dc.identifier.scopusauthoridHan, J=55429599300en_HK
dc.identifier.scopusauthoridTan, HT=7403011560en_HK

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