Positive and Negative Information Transfers from Management Forecasts
研究管理层盈利和收入预测引发的行业内正向与负向信息传递，发现正向传递源于行业共性，负向传递源于竞争转移，且对竞争对手和非竞争对手的影响方向相反。
ABSTRACT We examine positive and negative information transfers associated with management earnings and revenue forecasts. Positive information transfers are due to industry commonalities whereas negative information transfers are caused by competitive shifts. We argue that positive and negative intra‐industry information transfers offset each other and lead to an overall finding of no information transfers even though they exist. We also conjecture that the type of information transfers from the same management forecast can be positive or negative based on the characteristics of the information receiver. We hypothesize positive information transfers to nonrival firms and negative information transfers to rivals. Consistent with our prediction, we find negative (positive) information transfers between forecasting firms and nonforecasting rival (nonrival) firms in the same industry. Through analyses using competitors identified by Hoover's and 10‐K reports, we show more general evidence of negative information transfers to rival firms.