德勤－复旦会计论坛系列讲座之八十一

时间：2015年4月28日（周二）下午14：30

地点：史带楼302室

主持人： 施海娜 副教授

演讲嘉宾：Nancy Su  (The Hong Kong Polytechnic University)

Title：Does quarterly earnings guidance cessation reduce short-termism: Evidence from earnings management, firm valuation, and long-term performance

Abstract：The practice of providing quarterly earnings guidance has been criticized for encouraging investors, analysts, and managers to focus on short-term earnings targets. In this paper, using data from post-Regulation Fair Disclosure period and based on the difference-in-differences research design, we examine whether cessation of quarterly earnings guidance reduces shorttermism among managers and investors. We show that compared to firms that continue to issue quarterly earnings guidance, firms that stop quarterly guidance have a lower level of real but a similar level of accrual-based earnings management, and a lower probability of meeting or beating analysts’ forecasts after guidance cessation. We also find that investors put greater (less) weight on long-term (short-term) earnings in firm valuation after quarterly guidance cessation. Further, compared to firms that continue to issue quarterly earnings guidance, firms that stop quarterly guidance experience a shift in investor clientele from retail to (long-term) institutional investors after guidance cessation. Guidance stoppers’ accounting performance improves roughly three years after guidance cessation. Our study provides the first comprehensive evidence that substantiates the benefits of stopping quarterly earnings guidance: reducing short-termism among managers and investors.

会计系

2015-4-23