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- W2912110921 abstract "ABSTRACT Using a unique, manually collected dataset, we are the first to analyze the role that management guidance at the segment level plays for the financial analyst earnings forecasts of diversified firms. About half of the diversified European firms in the sample provide segment-level guidance (SLG), with considerable variation in precision and disaggregation. We find that (1) analyst earnings forecast errors are smaller, and (2) the magnitude of disagreement between individual forecasts and the average forecast is lower for firms that provide SLG, beyond the effect of group-level guidance. The results hold in matched samples and within-firm analyses around SLG initiation. We further show that the results are stronger in situations characterized by higher information asymmetry, but not in situations characterized by operational complexity. Overall, the results imply that SLG mitigates, to some extent, the difficult task that financial analysts face when valuing diversified companies." @default.
- W2912110921 created "2019-02-21" @default.
- W2912110921 creator A5007656780 @default.
- W2912110921 creator A5023731239 @default.
- W2912110921 creator A5036776884 @default.
- W2912110921 date "2019-07-01" @default.
- W2912110921 modified "2023-10-18" @default.
- W2912110921 title "Diversified Firms and Analyst Earnings Forecasts: The Role of Management Guidance at the Segment Level" @default.
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