TY  - SER
AU  - Heflin,Frank
AU  - Kross,William J.
AU  - Suk,Inho
TI  - Asymmetric effects of regulation FD on management earnings forecasts
KW  - Contabilidad
KW  - Publicaciones seriadas
KW  - Valores
KW  - Legislación
KW  - Estados Unidos
KW  - Pronósticos de los negocios
N2  - We document that the effect of Regulation Fair Disclosure (FD) on public management earnings forecasts (MFs) is asymmetric. Our results suggest that FD increased managers' use of MFs as a downward-guidance mechanism to help achieve meeting or beating earnings expectations. This effect is more pronounced when existing analyst forecasts are optimistic and when firms had selective disclosure policies pre-FD. We also find that the increased use of MFs as downward guidance leads to post-FD reductions in MF quality (accuracy and informativeness) for the downward guiding MFs that are most likely meet/beat motivated, while quality improves for upward-guiding MFs. Finally, our evidence suggests that results from prior research about FD-induced changes in information environment variables, such as analyst forecast quality and investor trading activities, depend on whether the firm issues MFs and whether those MFs are downward guiding
ER  -