Do Firms Learn from Pre‐announcement Experience? Evidence from Optimistic Pre‐announcements and Market Responses
研究了企业是否从预公告经验中学习，发现经历负面市场反应的乐观预公告后，企业更少再次发布预公告，且再次发布时也更少做出乐观预测。
In this study, we examine whether firms learn from pre‐announcement experience by focusing on optimistic pre‐announcements and market responses. Optimistic pre‐announcements are pre‐announced Earnings Per Share (EPS) higher than or equal to actual EPS. Based on organizational learning theory, we hypothesize that firms experiencing negative market responses to positive pre‐announcements (pre‐announced EPS higher than or equal to analysts' consensus) are less likely to make another pre‐announcement during subsequent time periods. Our findings support this hypothesis. For firms making another pre‐announcement, we find that the experience of a negative market response to a positive pre‐announcement is negatively related to making an optimistic pre‐announcement. Taken together, our findings suggest that firms learn from the previous experience of pre‐announcements and the corresponding market responses.