When managers provide earnings guidance, analysts normally respond within a short time frame with their own earnings forecasts. Within this setting, I investigate whether financial analysts use publicly available information to adjust for predictable error in management guidance and, if so, the explanation for such inefficiency. I provide evidence that analysts do not fully adjust for predictable guidance error when revising forecasts.
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- Partial requirement for: Ph. D., Arizona State University, 2012Note typethesis
- Includes bibliographical references (p. 46-51)Note typebibliography
- Field of study: Accountancy