Should management earnings guidance be pooled? Classifying management earnings guidance into capital market, opportunistic, and disclose or abstain rationales …
Prior studies identify several motives for why firms release management earnings forecasts
(MFs). A common feature of such studies is they pool MFs when drawing inferences about a
specific motive. By ignoring the heterogeneous rationales managers have to issue MFs,
pooling could lead to biased inferences. To address the issue, we develop an approach that
classifies MFs into one of the three rationales: capital market incentives, compliance with
Rule 10b-5 to disclose material nonpublic information or abstain from trading, or managerial …
(MFs). A common feature of such studies is they pool MFs when drawing inferences about a
specific motive. By ignoring the heterogeneous rationales managers have to issue MFs,
pooling could lead to biased inferences. To address the issue, we develop an approach that
classifies MFs into one of the three rationales: capital market incentives, compliance with
Rule 10b-5 to disclose material nonpublic information or abstain from trading, or managerial …
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