Voluntary monthly earnings disclosures and analyst behavior

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题名:	Voluntary monthly earnings disclosures and analyst behavior
作者:	曹壽民;Tsao, Shou-Min;Lu, Hsueh-Tien;Keung, Edmund C.
贡献者:	管理學院企業管理學系
关键词:	Analyst following;Analyst forecast properties;Analysts;Behavior;Disclosure;Earnings;Earnings forecasting;Financial analysis;Forecasting;Property;Studies;Uncertainty;Voluntary;Voluntary monthly earnings disclosures
日期:	2016-10-01
上传时间:	2026-04-23 11:26:28 (UTC+8)
出版者:	Elsevier;Amsterdam: Elsevier B.V
摘要:	摘要： We examine how voluntary monthly earnings disclosures relate to monthly analyst behavior. We focus on the number of analysts following a firm and several properties that characterize analysts’ earnings forecasts for the upcoming annual earnings. We find firms that disclose monthly earnings attract more analysts, have more accurate and less dispersed analyst earnings forecasts, and have lower overall uncertainty and less commonality of information in analysts’ earnings forecasts. In addition, the effect of monthly earnings disclosure on analyst behavior is more pronounced for the firms that regularly disclose monthly earnings. Our results are consistent with the notion that an important role played by a voluntary increase in reporting frequency is to trigger the generation of idiosyncratic information by financial analysts. In other words, analysts tend to complement rather than substitute for firm-provided voluntary disclosures. 出版者： Amsterdam: Elsevier B.V 出版日期： 2016-10-01 出處： Journal of banking & finance, 2016-10, Vol.71, p.37-49 資源來源： Elsevier ScienceDirect Journals Complete 版權： 2016 Elsevier B.V. 版權： Copyright Elsevier Sequoia S.A. Oct 2016 識別號： ISSN: 0378-4266 識別號： EISSN: 1872-6372 識別號： DOI: 10.1016/j.jbankfin.2016.04.010 識別號： CODEN: JBFIDO
显示于类别:	[企業管理學系] 期刊論文

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