The Joint Effect of Management's Prior Forecast Accuracy and the Form of Its Financial Forecasts on Investor Judgment
研究投资者对管理层盈利预测的反应如何受预测形式（点预测或区间预测）和管理层先前预测准确性（高或低）的共同影响。
In this paper we examine how investor reaction to management earnings forecasts is a joint function of the form of the forecast (point or range forecasts) and management's prior forecast accuracy (high or low). Drawing on Ajinkya and Gift's [1984] expectations-adjustment hypothesis, King, Pownall, and Waymire [1990] argue that the value relevance of forecasts is a function of their timing, credibility, and form. We extend the King, Pownall, and Waymire framework by hypothesizing that forecast form and one aspect of management credibility-namely, prior forecast accuracy-will interact in their effects on investor judgment.'