Investors' Reactions to Management Guidance Forms: The Influence of Multiple Benchmarks
研究管理层预测形式（点预测、区间预测和混合形式）如何影响投资者的判断，发现高知识投资者会同时使用显性和隐性基准，而低知识投资者只关注显性基准。
In this study, we investigate underlying mechanisms for the effects of management guidance forms on investors' judgments. We do so by comparing effects of point and range guidance with those associated with a hybrid management guidance form that combines the attributes of both point and range guidance. With respect to investors' earnings reestimates made after actual earnings announcements, we find that both the number and type of benchmarks associated with the guidance forms matter. High-knowledge investors use both primary (explicitly stated) and secondary (implicitly stated) benchmarks, whereas low-knowledge investors attend only to primary benchmarks. We also find that investors have greater confidence in their earnings estimates when management guidance explicitly provides best estimates.