Do Supplementary Sales Forecasts Increase the Credibility of Financial Analysts’ Earnings Forecasts?
研究发现，当财务分析师在盈利预测之外还提供销售预测时，市场对盈利预测修正的反应更强，且补充后的盈利预测事后更准确，表明销售预测增强了盈利预测的可信度。
ABSTRACT: This study examines whether the market reacts more strongly to earnings forecast revisions when financial analysts supplement their earnings forecasts with sales forecasts. I find that earnings forecast revisions supplemented with sales forecast revisions have a greater impact on security prices than do stand-alone earnings forecast revisions, controlling for the incremental information content in sales forecasts. Supplemented earnings forecasts are more accurate ex post, controlling for other individual analyst characteristics. Results are robust to controlling for earnings persistence and time effects. Taken as a whole, financial analysts are more likely to supplement their earnings forecasts with sales forecasts when they have better information. Supplementary sales forecasts appear to lend credibility to earnings forecasts because financial analysts provide sales forecasts when they are more informed.