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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 | DOI: | 10.32657/10356/73868 | Fulltext Permission: | open | Fulltext Availability: | With Fulltext |
Appears in Collections: | NBS Theses |
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Chee Guo Qiang Vincent_FYP.pdf | 1.22 MB | Adobe PDF | ![]() View/Open |
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