Analysts’ awareness of systematic bias in management earnings forecasts

References

• Baginski , S and Hassell , J . 1997 . Determinants of management forecast precision . The Accounting Review , 72 : 303 – 12 .
   Web of Science ®Google Scholar
• Bamber , LS and Cheon , YS . 1998 . Discretionary management earnings forecast disclosures: antecedents and outcomes associated with forecast venue and forecast specificity choices . Journal of Accounting Research , 36 : 167 – 90 .
   Web of Science ®Google Scholar
• Institute , CFA . 2009 . The Corporate Governance of Listed Companies: A Manual for Investors 2nd edn, CFA Institute Center for Financial Market Integrity, New York
   Google Scholar
• Choi , J and Ziebart , D . 2004 . Management earnings forecasts and the market's reaction to predicted bias in the forecast . Asia Pacific Journal of Accounting and Economics , 11 : 167 – 92 .
   Google Scholar
• Conroy , R , Eades , K and Harris , R . 2000 . A test of the relative pricing effects of dividends and earnings: evidence from simultaneous announcements in Japan . The Journal of Finance , 55 : 1199 – 227 .
   Web of Science ®Google Scholar
• Conroy , R , Harris , R and Park , Y . 1998 . Fundamental information and share prices in Japan: evidence from earnings surprises and management predictions . International Journal of Forecasting , 14 : 227 – 44 .
   Web of Science ®Google Scholar
• Frost , C . 1997 . Disclosure policy choices of UK firms receiving modified audit reports . Journal of Accounting and Economics , 23 : 163 – 87 .
   Web of Science ®Google Scholar
• Hartnett , N . 2010 . The value relevance of earnings forecast disclosures: an investigation of forecast attributes and signalling in the Australian IPO context . Applied Financial Economics , 20 : 1819 – 28 .
   Google Scholar
• Hirst , E , Koonce , L and Miller , J . 1999 . The joint effect of management's prior forecast accuracy and the form of its financial forecasts on investor judgment . Journal of Accounting Research , 37 : 101 – 24 .
   Web of Science ®Google Scholar
• Hutton , A and Stocken , P . 2009 . Prior forecasting accuracy and investor reaction to management forecasts Working Paper, Boston College
   Google Scholar
• Irani , A . 2000 . Determinants of bias in management earnings forecasts . Accounting Enquiries , 10 : 33 – 86 .
   Google Scholar
• 12">Japan Securities Research Institute (2006) Securities Market in Japan 2006, Nihon Shoken Keizai Kenkyusyo, Tokyo
   Google Scholar
• Koch , A . 2002 . Financial distress and the credibility of management earnings forecasts Working Paper, Carnegie Mellon University
   Google Scholar
• Mahipala , T , Chan , H and Faff , R . 2009 . Trading volume and information asymmetry: routine versus nonroutine earnings announcements in Australia . Applied Financial Economics , 19 : 1737 – 52 .
   Google Scholar
• Matsumoto , D . 2002 . Management's incentives to avoid negative earnings surprises . The Accounting Review , 77 : 483 – 514 .
   Web of Science ®Google Scholar
• Ng , J . 2008 . Tuna, I. and Verdi, R. , Management forecast credibility and underreaction to news, AAA 2007 Financial Accounting & Reporting Section (FARS) Meeting Paper
   Google Scholar
• Richardson , S . 1999 . Teoh, S. and Wysocki, P. , Tracking analysts’ forecasts over the annual earnings horizon: are analysts’ forecasts optimistic or pessimistic?, Working Paper, University of Michigan
   Google Scholar
• Richardson , S , Teoh , S and Wysocki , P . 2004 . The walkdown to beatable analyst forecasts: the role of equity issuance and insider trading incentives . Contemporary Accounting Research , 21 : 885 – 924 .
   Web of Science ®Google Scholar
• Rogers , J and Stocken , P . 2005 . Credibility of management forecasts . The Accounting Review , 80 : 1233 – 60 .
   Web of Science ®Google Scholar
• Rosen , R . 1998 . The statutory safe harbor for forward-looking statements after two and a half years: has it changed the law? Has it achieved what congress intended? . Washington University Law Quarterly , 76 : 645 – 81 .
   Google Scholar
• Skinner , D and Sloan , R . 2002 . Earnings surprises, growth expectations, and stock returns or don’t let an earnings torpedo sink your portfolio . Review of Accounting Studies , 7 : 289 – 312 .
   Google Scholar
• Williams , P . 1996 . The relation between a prior earnings forecast by management and analyst response to a current management forecast . The Accounting Review , 71 : 103 – 15 .
   Web of Science ®Google Scholar