The Rewards to Meeting or Beating Earnings Expectations
The Rewards to Meeting or Beating Earnings Expectations
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DOI：
10.2139/ssrn.247435
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发表时间：
1999-03
期刊：
影响因子：
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通讯作者：
Eli Bartov;Dan Givoly;Carla K. Hayn
中科院分区：
文献类型：
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作者：
Eli Bartov;Dan Givoly;Carla K. Hayn
本文研究了盈利预期的实现方式，衡量了在发布季度盈利之前形成的达到或超过盈利预期（MBE）的回报，并测试了这种回报的其他解释。证据支持的索赔，MBE现象已成为近年来更加普遍，MBE获得的模式是一致的盈余管理和预期管理。更重要的是，有证据表明，在控制了本季度的整体盈利表现后，设法达到或超过盈利预期的公司的平均季度回报率比未能达到预期的同行高出近3%。虽然投资者似乎对预期或盈余管理可能导致的MBE案例持怀疑态度，但这些案例的溢价仍然很大。最后，研究结果是一致的溢价放在盈利惊喜的经济解释，即MBE是公司未来业绩的信息。
The paper studies the manner by which earnings expectations are met, measures the rewards to meeting or beating earnings expectations (MBE) formed just prior to the release of quarterly earnings, and tests alternative explanations for this reward. The evidence supports the claims that the MBE phenomenon has become more widespread in recent years and that the pattern by which MBE is obtained is consistent with both earnings management and expectation management. More importantly, the evidence shows that after controlling for the overall earnings performance in the quarter, firms that manage to meet or beat their earnings expectations enjoy an average quarterly return that is higher by almost 3% than their peers that fail to do so. While investors appear to discount MBE cases that are likely to result from expectation or earnings management, the premium in these cases is still significant. Finally, the results are consistent with an economic explanation for the premium placed on earnings surprises, namely that MBE are informative of the firm's future performance.