Once Bitten, Twice Shy: The Relation between Outcomes of Earnings Guidance and Management Guidance Strategy
研究了管理层季度盈利指引策略如何受先前指引结果的影响，发现过去预测过于乐观、未能影响分析师预期、未能减少信息不对称或导致盈利失望时，管理层更少提供指引，且继续提供指引的公司会调整指引精度和频率。
ABSTRACT: We examine how management quarterly guidance strategy is affected by various outcomes from previously issued guidance. We find that managers are less likely to provide quarterly earnings guidance for a given year when past management forecasts have been overly optimistic, when past forecasts were unsuccessful at influencing analysts’ expectations, when past forecasts failed to reduce information asymmetry, and when past forecasts resulted in earnings disappointments. For firms that continue to give guidance, adverse prior outcomes also affect the precision of future guidance and the number of quarters within a year for which they give guidance.