Making Sense of Cents: An Examination of Firms That Marginally Miss or Beat Analyst Forecasts
考察了削减酌量性支出和操纵应计项目以超越分析师预测的公司的业绩后果，发现以低质量盈余勉强达到预测的公司短期股价受益，但长期反转，且后续有更多股权发行和内幕交易，证实了管理者的短视行为。
ABSTRACT This paper examines the performance consequences of cutting discretionary expenditures and managing accruals to exceed analyst forecasts. We show that firms that just beat analyst forecasts with low quality earnings exhibit a short‐term stock price benefit relative to firms that miss forecasts with high quality earnings. This trend, however, reverses over a 3‐year horizon. Additionally, firms reducing discretionary expenditures to beat forecasts have significantly greater equity issuances and insider selling in the following year, consistent with managers understanding the myopic nature of their actions. Our results confirm survey evidence suggesting managers engage in myopic behavior to beat benchmarks.