{"id":{"repo_id":"mit","oai_identifier":"oai:dspace.mit.edu:1721.1/164594"},"canonical_url":"https://search.dev.ndltd.org/etd/mit/oai:dspace.mit.edu:1721.1/164594","repository":{"repo_id":"mit","name":"MIT","base_url":"https://dspace.mit.edu/oai/request"},"display":{"title":"The Causal Effects of Mandatory Quarterly Earnings Guidance on Corporate Information Environment and Corporate Short-Termism","abstract":"I examine the causal effects of mandatory quarterly earnings guidance using a regulatory mandate in China that required a subset of listed firms to issue bundled quarterly earnings guidance from 2007 to 2018. A difference-in-differences analysis shows that when these firms are no longer required to issue such guidance, their corporate information environment deteriorates, evidenced by reduced analyst coverage, fewer site visits, and lower price timeliness, meaning that stock prices incorporate less information about current and future earnings. However, these firms increase R&D and SG&A spending, consistent with alleviated managerial myopia as short-term market pressure eases. These findings highlight the dual-edged nature of the mandatory quarterly earnings guidance and offer insights for both practitioners and policymakers.","abstract_html":"I examine the causal effects of mandatory quarterly earnings guidance using a regulatory mandate in China that required a subset of listed firms to issue bundled quarterly earnings guidance from 2007 to 2018. A difference-in-differences analysis shows that when these firms are no longer required to issue such guidance, their corporate information environment deteriorates, evidenced by reduced analyst coverage, fewer site visits, and lower price timeliness, meaning that stock prices incorporate less information about current and future earnings. However, these firms increase R&D and SG&A spending, consistent with alleviated managerial myopia as short-term market pressure eases. These findings highlight the dual-edged nature of the mandatory quarterly earnings guidance and offer insights for both practitioners and policymakers.","abstract_has_math":false,"creators":["Wang, Yuting"],"institution":"Massachusetts Institute of Technology","degree_name":"Doctoral","degree_level":null,"degree_discipline":null,"degree_department":"Sloan School of Management","school":null,"contributors":[],"advisors":["Weber, Joseph"],"committee_chairs":[],"committee_members":[],"year":2025,"date_issued":"2025-09","date_published":"2025-09","updated_at":"2026-07-22T22:21:16Z","subjects":[],"languages":[],"rights":["In Copyright - Educational Use Permitted","Copyright retained by author(s)"],"rights_urls":["https://rightsstatements.org/page/InC-EDU/1.0/"],"identifier_entries":[]},"links":{"outbound_url":"https://hdl.handle.net/1721.1/164594","outbound_label":"Handle","outbound_source":"dc:identifier.uri"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor.advisor","label":"Advisor","values":["Weber, Joseph"]},{"key":"dc:contributor.department","label":"Department","values":["Sloan School of Management"]},{"key":"dc:creator","label":"Author","values":["Wang, Yuting"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.accessioned","label":"Dc Date Accessioned","values":["2026-01-20T19:47:36Z"]},{"key":"dc:date.available","label":"Dc Date Available","values":["2026-01-20T19:47:36Z"]},{"key":"dc:date.issued","label":"Date","values":["2025-09"]},{"key":"dc:publisher","label":"Institution","values":["Massachusetts Institute of Technology"]},{"key":"dc:type","label":"Dc Type","values":["Thesis"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Doctoral","Doctor of Philosophy"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:rights","label":"Dc Rights","values":["In Copyright - Educational Use Permitted","Copyright retained by author(s)"]},{"key":"dc:rights.uri","label":"Rights URI","values":["https://rightsstatements.org/page/InC-EDU/1.0/"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier.uri","label":"Identifier URI","values":["https://hdl.handle.net/1721.1/164594"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["I examine the causal effects of mandatory quarterly earnings guidance using a regulatory mandate in China that required a subset of listed firms to issue bundled quarterly earnings guidance from 2007 to 2018. A difference-in-differences analysis shows that when these firms are no longer required to issue such guidance, their corporate information environment deteriorates, evidenced by reduced analyst coverage, fewer site visits, and lower price timeliness, meaning that stock prices incorporate less information about current and future earnings. However, these firms increase R&D and SG&A spending, consistent with alleviated managerial myopia as short-term market pressure eases. These findings highlight the dual-edged nature of the mandatory quarterly earnings guidance and offer insights for both practitioners and policymakers."]},{"key":"dc:description.degree","label":"Dc Description Degree","values":["Ph.D."]},{"key":"dc:title","label":"Title","values":["The Causal Effects of Mandatory Quarterly Earnings Guidance on Corporate Information Environment and Corporate Short-Termism"]}]}],"canonical_facts":{"dc:contributor.advisor":["Weber, Joseph"],"dc:contributor.department":["Sloan School of Management"],"dc:creator":["Wang, Yuting"],"dc:date.accessioned":["2026-01-20T19:47:36Z"],"dc:date.available":["2026-01-20T19:47:36Z"],"dc:date.issued":["2025-09"],"dc:description.abstract":["I examine the causal effects of mandatory quarterly earnings guidance using a regulatory mandate in China that required a subset of listed firms to issue bundled quarterly earnings guidance from 2007 to 2018. A difference-in-differences analysis shows that when these firms are no longer required to issue such guidance, their corporate information environment deteriorates, evidenced by reduced analyst coverage, fewer site visits, and lower price timeliness, meaning that stock prices incorporate less information about current and future earnings. However, these firms increase R&D and SG&A spending, consistent with alleviated managerial myopia as short-term market pressure eases. These findings highlight the dual-edged nature of the mandatory quarterly earnings guidance and offer insights for both practitioners and policymakers."],"dc:description.degree":["Ph.D."],"dc:identifier.uri":["https://hdl.handle.net/1721.1/164594"],"dc:publisher":["Massachusetts Institute of Technology"],"dc:rights":["In Copyright - Educational Use Permitted","Copyright retained by author(s)"],"dc:rights.uri":["https://rightsstatements.org/page/InC-EDU/1.0/"],"dc:title":["The Causal Effects of Mandatory Quarterly Earnings Guidance on Corporate Information Environment and Corporate Short-Termism"],"dc:type":["Thesis"],"thesis:degree_name":["Doctoral","Doctor of Philosophy"]},"updated_at":"2026-07-22T22:21:16Z"}