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oai:www.ideals.illinois.edu:2142/22923 2023-07-10 col_2142_5131 col_2142_16440 com_2142_5130 com_2142_16439 com_2142_9216

Ziebart, David A. Liu, Chao-Shin 2011-05-07T13:55:59Z 2011-05-07T13:55:59Z 10000-01-01 1992 The purpose of this study is to determine (1) whether management forecasts decrease the marginal information content of subsequent earnings announcements and (2) whether the market efficiently reflects the information contained in the management forecast. If management forecasts and subsequent earnings announcements convey similar information, the subsequent earnings announcement is expected to be less informative than the prior management forecast. Moreover, the earnings announcement preceded by a management forecast is also expected to be less informative than the earnings announcement without a previous management forecast. Evidence consistent with these predictions is found using price variability to measure the degree of information content. This study also employs a system of equations model and demonstrates that the subsequent earnings announcements convey additional information to the market, with the additional information mainly associated with the ex-post management forecast error. In addition, abnormal returns around management forecasts and those around subsequent earnings announcements are negatively correlated. This evidence suggests that the market may overreact to management earnings forecasts. The post-announcement drift phenomenon is also found in the context of management quarterly earnings forecasts. Made available in DSpace on 2011-05-07T13:55:59Z (GMT). No. of bitstreams: 2 license.txt: 4922 bytes, checksum: 910b249b4beec47e7ab768910c8f966f (MD5) 9236523.pdf: 4467181 bytes, checksum: 5b3f67b36d2bcdbd15dacc6058a8d4da (MD5) Previous issue date: 1992 Item marked as restricted to the 'UIUC Users [automated]' Group (id=2) by Howard Ding (hding2@illinois.edu) on 2011-05-07T15:00:57Z Item is restricted indefinitely. Restriction data tranferred 2014-07-01T11:28:53-05:00 Original Data Group with Access UIUC Users [automated] Release Date: none Reason: ETDs are only available to UIUC Users without author permission ETDs are only available to UIUC Users without author permission U of I Only AAI9236523 (UMI)AAI9236523 http://hdl.handle.net/2142/22923 eng Copyright 1992 Liu, Chao-Shin Business Administration, Accounting Management earnings forecasts, security price variability, and the marginal information content of earnings announcements text Accountancy Accountancy University of Illinois at Urbana-Champaign Dissertation Ph.D.