Nonearnings Corporate Guidance
研究发现许多公司在监管要求前已自愿提供资本支出指引和战略计划披露，且不同特征公司（如长期机构持股高、转型期、成长期）的指引选择不同，表明未受约束的公司能做出最优披露决策。
We examine nonearnings related disclosure and find that many firms voluntarily provided guidance on capital expenditure (CAPEX) and provided strategic plan disclosure (SPD) before recent proposals to increase nonearnings information disclosure. Furthermore, we find that firms with high long‐term institutional ownership tend to provide both earnings and CAPEX guidance; that turnaround firms tend to provide SPD in lieu of earnings guidance; and growth firms tend to provide earnings guidance without SPD. Our results suggest that unconstrained firms make optimal disclosure decisions and that corporate guidance behaviors might not have contributed to earnings fixation and myopia in capital markets.