The Effect of Ex Ante Management Forecast Accuracy on the Post-Earnings-Announcement Drift
研究了当管理层在季度盈余公告中同时发布下一季度盈余预测时，事前预测准确性如何影响投资者对当前盈余的反应程度，进而影响盈余公告后漂移的幅度。
ABSTRACT I examine the effect of ex ante management forecast accuracy on the post-earnings-announcement drift when management forecasts about next quarter's earnings are bundled with current quarter's earnings announcements. I build a composite measure of ex ante management forecast accuracy that takes into account forecast ability, forecast difficulty, and forecast environment. The results show that the bundled forecasts with higher ex ante accuracy mitigate investors' under-reaction to current earnings and reduce the magnitude of the post-earnings-announcement drift. Data Availability: The data used in this paper are available from the sources listed in the text.