סמינר בחשבונאות
?Does Earnings Guidance Increase Stock Volatility
מרצה פרופ' ברוך לב אוניברסיטת nul
24 בספטמבר 2012, 11:15
ללא תשלום
Abstract
There is a heated controversy in the US and other countries about the advisability of earnings guidance--managers' forecasts of future firm performance. Recently, a series of accounting studies purported to show empirically that earnings guidance increases stock volatility, and are therefore detrimental to firms and their shareholders.
We show on a very large sample exactly the opposite. It's not guidance that increases volatility,rather when volatility increases,managers issue guidance in order to decrease share volatility.
The research and particularly practical implications of this study are obvious.