DC Field | Value | Language |
---|---|---|
dc.contributor.author | Lim, Youngdeok | ko |
dc.contributor.author | Oh, Hyung Il | ko |
dc.date.accessioned | 2022-06-17T01:01:06Z | - |
dc.date.available | 2022-06-17T01:01:06Z | - |
dc.date.created | 2021-09-28 | - |
dc.date.created | 2021-09-28 | - |
dc.date.issued | 2022-06 | - |
dc.identifier.citation | ABACUS-A JOURNAL OF ACCOUNTING FINANCE AND BUSINESS STUDIES, v.58, no.2, pp.365 - 392 | - |
dc.identifier.issn | 0001-3072 | - |
dc.identifier.uri | http://hdl.handle.net/10203/296980 | - |
dc.description.abstract | In this study, we examine whether firms learn from pre-announcement experience by focusing on optimistic pre-announcements and market responses. Optimistic pre-announcements are pre-announced Earnings Per Share (EPS) higher than or equal to actual EPS. Based on organizational learning theory, we hypothesize that firms experiencing negative market responses to positive pre-announcements (pre-announced EPS higher than or equal to analysts' consensus) are less likely to make another pre-announcement during subsequent time periods. Our findings support this hypothesis. For firms making another pre-announcement, we find that the experience of a negative market response to a positive pre-announcement is negatively related to making an optimistic pre-announcement. Taken together, our findings suggest that firms learn from the previous experience of pre-announcements and the corresponding market responses. | - |
dc.language | English | - |
dc.publisher | WILEY | - |
dc.title | Do Firms Learn from Pre-announcement Experience? Evidence from Optimistic Pre-announcements and Market Responses | - |
dc.type | Article | - |
dc.identifier.wosid | 000696245600001 | - |
dc.identifier.scopusid | 2-s2.0-85114922821 | - |
dc.type.rims | ART | - |
dc.citation.volume | 58 | - |
dc.citation.issue | 2 | - |
dc.citation.beginningpage | 365 | - |
dc.citation.endingpage | 392 | - |
dc.citation.publicationname | ABACUS-A JOURNAL OF ACCOUNTING FINANCE AND BUSINESS STUDIES | - |
dc.identifier.doi | 10.1111/abac.12242 | - |
dc.contributor.localauthor | Oh, Hyung Il | - |
dc.contributor.nonIdAuthor | Lim, Youngdeok | - |
dc.description.isOpenAccess | N | - |
dc.type.journalArticle | Article | - |
dc.subject.keywordAuthor | Earnings announcement | - |
dc.subject.keywordAuthor | Investor reaction | - |
dc.subject.keywordAuthor | Optimistic bias | - |
dc.subject.keywordAuthor | Organizational learning | - |
dc.subject.keywordAuthor | Pre-announcement | - |
dc.subject.keywordPlus | MANAGEMENT EARNINGS FORECASTS | - |
dc.subject.keywordPlus | PREANNOUNCEMENTS | - |
dc.subject.keywordPlus | CREDIBILITY | - |
dc.subject.keywordPlus | GUIDANCE | - |
dc.subject.keywordPlus | ANALYST | - |
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