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The Impact of Analysts' Forecasts on Share Repurchases as Signals for Earnings
Journal of Financial Studies
View Archive Info| Field | Value | |
| Title |
The Impact of Analysts' Forecasts on Share Repurchases as Signals for Earnings
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| Creator |
Chi-Chun Liu
Ni-Yun Chen |
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| Subject |
—
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| Description |
Outside shareholders may regard negative abnormal earnings, the amount by which actual earnings generated by firms fall short of what analysts forecasted, as bad news and expect that earnings will continuously decline. If managers are informed that earnings are getting better, not worse, we would expect to observe that they prompt share repurchases to signal their private information. Consistent with our expectations, we document a positive association between negative abnormal earnings and subsequent share repurchases. We also find such an association is more pronounced when managers establish a forecasting reputation among analysts.Key words: Abnormal earnings, share repurchases, signal
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| Publisher |
Journal of Financial Studies
財務金èžå¸åˆŠ |
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| Contributor |
—
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| Date |
2011-03-04
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| Type |
—
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| Format |
application/pdf
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| Identifier |
http://www.jfs.org.tw/index.php/jfs/article/view/2011035
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| Source |
Journal of Financial Studies; ##issue.vol## 18, ##issue.no## 2 (2010); 1
財務金èžå¸åˆŠ; ##issue.vol## 18, ##issue.no## 2 (2010); 1 |
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| Language |
en
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