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March 18, 2026The Accounting Review

Investor Trading Responses to Differing Characteristics of Voluntarily Disclosed Earnings Forecasts.

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Authors

DNDonald R. NicholsJTJeffrey J. TsayPLPaula D. Larkin

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Overview

Analysis investigates trading activity changes in response to varying earnings forecasts, indicating implications for investor behavior.

Key Points

  • The research aims to assess how trading activity changes based on the characteristics of executive earnings forecasts.
  • Analyzed trading activity in relation to voluntary earnings forecasts.
  • Compared responses to short-term and long-term forecasts.
  • Evaluated the impact of the magnitude of predicted earnings changes.
  • Short-term and long-term forecasts showed similar trading activity changes.
  • Predictions of earnings changes greater than 40 percent linked to significant trading activity changes.
  • No significant relation observed between predicted earnings change and trading activity for lower magnitudes.

Cite This Study

Nichols et al. (1979) studied this question.

synapsesocial.com/papers/69ba428e4e9516ffd37a2e9ahttps://doi.org/10.2308/tar-4482576
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Also Consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1A Note on the Informational Content of Corporate Annual Earnings Forecasts.1978
  2. 2The Stock Price Effects of Alternative Types of Management Earnings Forecasts.1993 · 3 citations
  3. 3Further Evidence on the Representativeness of Management Earnings Forecasts .1985
  4. 4Associations Between Forecast Errors and Excess Returns Near to Earnings Announcements.1987
  5. 5Volume of Trading and the Dispersion in Financial Analysts' Earnings Forecasts.1991 · 2 citations