Voluntary Causal Disclosures: Tendencies and Capital Market Reaction
Voluntary Causal Disclosures: Tendencies and Capital Market Reaction
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自愿因果披露：趋势和资本市场反应
DOI：
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发表时间：
2000
期刊：
影响因子：
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通讯作者：
W. Hillison
中科院分区：
文献类型：
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作者：
Stephen P. Baginski;J. Hassell;W. Hillison
在这项研究中，我们通过考察在管理层盈利预测中自愿披露的因果归因的条件以及证券价格反应与归因存在的关联程度，提供了关于自愿披露的因果归因是否可信的经验证据。我们发现，当预测消息是坏的(相对于好的)时，更有可能进行因果归因，并且所做的归因类型更有可能是外部的(内部的)坏的(好的)预测消息。将归因的存在和类型纳入到解释公告期间三天累计异常收益的模型中，在控制了意外收益和预测类型(如点、范围等)后，对归因发生率和归因类型产生显著影响。与归因增强管理预测的可信度或精确度的想法一致，归因披露增强了管理预测中传达的意外收益的每一美元的价格反应。
In this study, we provide empirical evidence on whether voluntarily disclosed causal attributions made in management earnings forecasts are credible by investigating the conditions under which such attributions are made and the extent to which security price responses are associated with attribution existence. We find that causal attributions are more likely to be made when forecast news is bad (relative to good), and that the type of attribution made is more likely to be external (internal) for bad (good) forecast news. Incorporating the existence and type of attribution into models that explain announcement period three-day cumulative abnormal returns yields significant effects for attribution incidence and type after controlling for unexpected earnings and forecast type (e.g., point, range, etc.). Consistent with the idea that attributions enhance the credibility or precision of management forecasts, attribution disclosure enhances price reactions per dollar of unexpected earnings conveyed in a management forecast.
DOI：
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发表时间：
1997
期刊：
Accounting review: A quarterly journal of the American Accounting Association
影响因子：
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作者：
Christine Botosan
通讯作者：
Christine Botosan