Intraindustry Information Transfers Associated with Management Forecasts of Earnings
研究发现，一家公司发布管理层盈利预测后，同行业其他公司的股价也会出现类似方向的异常反应，说明预测信息在行业内产生了传递效应。
This study documents information transfers associated with the sign and magnitude of the changes in earnings expectations conveyed by management forecasts. That is, the management forecast of one firm (discloser) generates unexpected price reactions for firms (nondisclosers) similar to the forecaster. The results are consistent with information transfers documented for releases of actual earnings (Foster [1981]) and sales announcements (Olsen and Dietrich [1985]).1 These results build on prior management forecast research that has documented a link between the sign and magnitude of the changes in earnings expectations conveyed by management forecasts and the unexpected share returns (price reactions) of forecasting firms (Ajinkya and