Sam (Sunghan) Lee, Steven R. Matsunaga, Peter (Seung Hwan) Oh, Hyun A. Hong
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引用次数: 0
摘要
我们研究了规模较大的首席执行官就业网络是否能提供改善公司盈利预测的信息，并发现首席执行官就业网络规模与管理层盈利预测准确性之间存在显著的正相关关系。我们的结果表明，企业利用从 CEO 联系人处获得的信息来提高盈利预测的准确性。CEO 就业网络规模与管理层盈利预测的可能性、频率和准确性之间的正相关关系也进一步证明了我们的结论。我们还发现，CEO 就业网络规模与分析师对预测新闻的反应以及管理层盈利预测相对于分析师预测的准确性呈正相关。总体而言，我们的研究结果表明，CEO 就业网络规模越大，产生的外部信息就越多，从而提高了公司盈利预测的准确性。
Information aggregation to form earnings expectations: Evidence from CEO networks and management forecast accuracy
We investigate whether a larger CEO employment network provides access to information that improves firms' earnings forecasts and find a significantly positive relation between CEO employment network size and management earnings forecast accuracy. Our results suggest that firms use information obtained from CEO contacts to increase the accuracy of their earnings forecasts. Our conclusion is further supported by evidence of positive associations between CEO employment network size and the likelihood, frequency, and precision of management earnings forecasts. We also find that CEO employment network size is positively related to analysts' reactions to the forecast news and the accuracy of management earnings forecasts relative to analyst forecasts. Overall, our results are consistent with a larger CEO employment network generating external information that increases the accuracy of firms' earnings forecasts.
期刊介绍：
Contemporary Accounting Research (CAR) is the premiere research journal of the Canadian Academic Accounting Association, which publishes leading- edge research that contributes to our understanding of all aspects of accounting"s role within organizations, markets or society. Canadian based, increasingly global in scope, CAR seeks to reflect the geographical and intellectual diversity in accounting research. To accomplish this, CAR will continue to publish in its traditional areas of excellence, while seeking to more fully represent other research streams in its pages, so as to continue and expand its tradition of excellence.
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