Factors that attenuate the negative stock price response to missing analyst forecasts
研究了哪些公司特征和宏观经济因素会减弱公司因未达到分析师预测而遭受的股价下跌惩罚，发现亏损公司、大公司及盈利预期噪音大的公司惩罚较轻，而无形资产密集和股价前期上涨的公司惩罚更重。
Abstract Prior research consistently finds a negative stock price reaction to missing analyst forecasts that is separate from the magnitude of the earnings surprise. We examine firm and economy-wide characteristics that we predict will attenuate this stock price response. We find that the penalty to missing analyst forecasts is lower for firms reporting a loss, larger firms, and firms that have more noise in their earnings expectations. In contrast, the penalty is more severe for firms with high intangible intensity and that experience a stock price run-up prior to the earnings announcement. We also find mixed results suggesting that the stock price penalty to missing forecasts is less severe during periods of high macroeconomic growth. A Time of Forgiveness: Factors that Attenuate the Negative Stock Price Response to Missing Analyst Forecasts.