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Why do managers meet or slightly bea...

Feng, Mei.

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Why do managers meet or slightly beat earnings forecasts in equilibrium?

Record Type:	Electronic resources : Monograph/item
Title/Author:	Why do managers meet or slightly beat earnings forecasts in equilibrium?/
Author:	Feng, Mei.
Description:	152 p.
Notes:	Source: Dissertation Abstracts International, Volume: 66-08, Section: A, page: 2992.
Contained By:	Dissertation Abstracts International66-08A.
Subject:	Business Administration, Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3186625
ISBN:	9780542299612

Why do managers meet or slightly beat earnings forecasts in equilibrium?
Feng, Mei.

Why do managers meet or slightly beat earnings forecasts in equilibrium? - 152 p.

Source: Dissertation Abstracts International, Volume: 66-08, Section: A, page: 2992.

Thesis (Ph.D.)--University of Michigan, 2005.

This study investigates whether and why corporate managers have incentives to meet or slightly beat their own earnings forecasts, and how these incentives are related to their meeting or slightly beating analysts' earnings forecasts. The paper first documents that the frequency of zero and small positive management forecast errors is more than three times the frequency of small negative management forecast errors, consistent with managers having incentives to meet or slightly beat their own forecasts. Next, the paper explains these incentives by developing a formal model in which zero and small positive forecast errors signal that managers have more accurate private information regarding investment opportunities. The accurate information allows managers to select profitable investment projects and consequently increases firm value. Before empirically testing the model, the study provides evidence that analysts follow management forecasts closely and therefore that analysts' forecasts reflect managers' private information. This indicates that the model of managers' private information can be used to explain managers' incentives to meet or slightly beat both managers' and analysts' forecasts. Finally, the paper presents new empirical findings on managers' and analysts' forecasts that are consistent with the model. Specifically, firms that meet or slightly beat managers' or analysts' earnings forecasts perform better in the future; their managers attain a higher reputation and incorporate more private information in the earnings forecasts.

ISBN: 9780542299612Subjects--Topical Terms:

1020666
Business Administration, Accounting.

Why do managers meet or slightly beat earnings forecasts in equilibrium?
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035 $a (UnM)AAI3186625
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100 1 $a Feng, Mei. $3 1915678
245 1 0 $a Why do managers meet or slightly beat earnings forecasts in equilibrium?
300 $a 152 p.
500 $a Source: Dissertation Abstracts International, Volume: 66-08, Section: A, page: 2992.
500 $a Chair: Douglas J. Skinner.
502 $a Thesis (Ph.D.)--University of Michigan, 2005.
520 $a This study investigates whether and why corporate managers have incentives to meet or slightly beat their own earnings forecasts, and how these incentives are related to their meeting or slightly beating analysts' earnings forecasts. The paper first documents that the frequency of zero and small positive management forecast errors is more than three times the frequency of small negative management forecast errors, consistent with managers having incentives to meet or slightly beat their own forecasts. Next, the paper explains these incentives by developing a formal model in which zero and small positive forecast errors signal that managers have more accurate private information regarding investment opportunities. The accurate information allows managers to select profitable investment projects and consequently increases firm value. Before empirically testing the model, the study provides evidence that analysts follow management forecasts closely and therefore that analysts' forecasts reflect managers' private information. This indicates that the model of managers' private information can be used to explain managers' incentives to meet or slightly beat both managers' and analysts' forecasts. Finally, the paper presents new empirical findings on managers' and analysts' forecasts that are consistent with the model. Specifically, firms that meet or slightly beat managers' or analysts' earnings forecasts perform better in the future; their managers attain a higher reputation and incorporate more private information in the earnings forecasts.
590 $a School code: 0127.
650 4 $a Business Administration, Accounting. $3 1020666
690 $a 0272
710 2 0 $a University of Michigan. $3 777416
773 0 $t Dissertation Abstracts International $g 66-08A.
790 1 0 $a Skinner, Douglas J., $e advisor
790 $a 0127
791 $a Ph.D.
792 $a 2005
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3186625