Investors' Responses to Reported Earnings when Management Issues Goal versus Expectation Earnings Guidance: An Experimental Investigation
We investigate whether nonprofessional investors' responses to a company's reported
earnings differ when management earnings guidance is presented as a goal or an
expectation. We present 64 MBA students and 262 MTurk participants with earnings
guidance, manipulating between subjects whether management provides the guidance as a
“goal” or an “expectation” and whether the company's reported earnings fall short or exceed
investors' expectations as derived from management's earnings guidance. Our experimental …
earnings differ when management earnings guidance is presented as a goal or an
expectation. We present 64 MBA students and 262 MTurk participants with earnings
guidance, manipulating between subjects whether management provides the guidance as a
“goal” or an “expectation” and whether the company's reported earnings fall short or exceed
investors' expectations as derived from management's earnings guidance. Our experimental …
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