Bundled Earnings Guidance and Analysts' Forecast Revisions*
研究发现，分析师对捆绑在季度盈利公告中的管理层盈利指引反应更强、修正更快，且这种效应在分析师时间压力大或认知受限时更明显，同时捆绑指引后的预测修正能引发显著市场反应。
ABSTRACT Bundling managerial earnings guidance with quarterly earnings announcements (EAs) has become an increasingly common practice. This study investigates the impact of bundled guidance on analysts' forecast revisions. Our findings indicate that analysts respond more to bundled guidance than non‐bundled guidance. This effect increases with analysts' time pressure and cognitive constraints around the EA. Analysts' revisions also incorporate more of the bundled management guidance when accompanied by additional information, such as conference calls. We further find that analysts revise their forecasts more quickly following bundled guidance than non‐bundled guidance. Together, these findings are consistent with the notion that analysts place more weight on bundled guidance than on non‐bundled guidance in their forecast revisions as bundled guidance facilities analysts' timely forecast revisions following EAs. Finally, we find that analysts' forecast revisions following bundled guidance generate significant market reactions. Our findings enhance our understanding of analysts' information processing and shed light on why bundling can be an effective guidance strategy.