题目: Meeting or Beating Analysts’ Forecasts with Positive Special Items
演讲者：Charles Hsu, Assistant Professor, Department of Accounting, Hong Kong University of Science and Technology
时间: 2009年4月3日（星期五）3:00—4:30PM
地点: 嘉庚二501
参加者: 对会计研究有兴趣的广大师生
主持人： 沈哲老师
论文摘要：
In this paper, we focus on managers’ motivations for and consequences of decisions to include positive special items in street earnings. Our tests reveal that (1) managers are much more likely to include positive than negative special items in street earnings, (2) included (in street earnings) positive special items are associated with declines in future earnings and the association is greater than that of negative special items or excluded positive special items, (3) including positive special items in street earnings significantly increases the probability of meeting or beating analysts' forecasts, (4) investors place similar or greater pricing weight on included positive special items than they do on excluded positive special items, and (5) investors attach a valuation premium to meeting or beating via including a positive special item (relative to missing the forecast), but the premium is smaller than meeting or beating via recurring items. Overall, our results suggest investors reward managers for meeting or beating (relative to missing forecasts) through inclusion of positive special items in street earnings and that managers include positive special items in street earnings primarily to influence perceptions of their firms' performance rather than to convey permanent earnings. Our results also suggest that managers, and not just analysts define street earnings.
论文作者简介：
Charles Hsu is Assistant Professor in Accounting in Hong Kong University of Science and Technology. He got PhD from Purdue University, Master degree from Louisiana State University and Bachelor degree from Xiamen University.
下载:PSI paper 0309.pdf