Please use this identifier to cite or link to this item: https://hdl.handle.net/10356/73868
Title: Confident and optimistic forward-looking statements and the moderating influence of quantitative earnings forecasts
Authors: Chee, Vincent Guo Qiang
Keywords: DRNTU::Business::Finance::Corporate governance
Issue Date: 2018
Publisher: Nanyang Technological University
Source: Chee, V. G. Q. (2018). Confident and optimistic forward-looking statements and the moderating influence of quantitative earnings forecasts. Doctoral thesis, Nanyang Technological University, Singapore.
Abstract: In this paper, I examine the impact of confident-plus-optimistic qualitative forward-looking statements on investors’ judgments. I find that investors’ valuation judgments are less favorable when investors see a confident-plus-optimistic qualitative forward-looking statement in the earnings press release than when they see an optimistic-only qualitative forward-looking statement. I also find that the above-mentioned difference in judgments becomes smaller when managers bundle the earnings press release with a quantitative earnings forecast. Managers presumably use a confident-plus-optimistic qualitative forward-looking statement in order to elicit more favorable investor judgments. Nonetheless, by providing evidence of a less favorable reaction, my results indicate that investors end up reacting in a manner that deviates from how managers would ideally want investors to react. Overall, my results provide insights to managers, investors, regulators, and academic researchers.
URI: http://hdl.handle.net/10356/73868
Fulltext Permission: open
Fulltext Availability: With Fulltext
Appears in Collections:NBS Theses

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