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Accounting Horizons



  1. D. Eric Hirst
  2. Lisa Koonce
  3. Shankar Venkataraman




    In this paper, we provide a framework in which to view management earnings
    forecasts. Specifically, we categorize earnings forecasts as having three
    components—antecedents, characteristics, and consequences—that roughly correspond
    to the timeline associated with an earnings forecast. By evaluating management
    earnings forecast research within the context of this framework, we render three conclusions.
    First, forecast characteristics appear to be the least understood component of
    earnings forecasts—both in terms of theory and empirical research—even though it is
    the component over which managers have the most control. Second, much of the prior
    research focuses on how one forecast antecedent or characteristic influences forecast
    consequences and does not study potential interactions among the three components.
    Third, much of the prior research ignores the iterative nature of management earnings
    forecasts—that is, forecast consequences of the current period influence antecedents
    and chosen characteristics in subsequent periods. Implications for researchers, educators,
    managers, investors, and regulators are provided.


    Vol 22, Nomor 03, Tahun 2008


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