{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/22923"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/22923","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"Management earnings forecasts, security price variability, and the marginal information content of earnings announcements","abstract":"The purpose of this study is to determine (1) whether management forecasts decrease the marginal information content of subsequent earnings announcements and (2) whether the market efficiently reflects the information contained in the management forecast. If management forecasts and subsequent earnings announcements convey similar information, the subsequent earnings announcement is expected to be less informative than the prior management forecast. Moreover, the earnings announcement preceded by a management forecast is also expected to be less informative than the earnings announcement without a previous management forecast.","abstract_html":"The purpose of this study is to determine (1) whether management forecasts decrease the marginal information content of subsequent earnings announcements and (2) whether the market efficiently reflects the information contained in the management forecast. If management forecasts and subsequent earnings announcements convey similar information, the subsequent earnings announcement is expected to be less informative than the prior management forecast. Moreover, the earnings announcement preceded by a management forecast is also expected to be less informative than the earnings announcement without a previous management forecast.","abstract_has_math":false,"creators":["Liu, Chao-Shin"],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Accountancy","degree_department":null,"school":null,"contributors":["Ziebart, David A."],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2011,"date_issued":"2011-05-07T13:55:59Z","date_published":"2011-05-07T13:55:59Z","updated_at":"2026-07-22T22:25:20Z","subjects":["Business Administration, Accounting"],"languages":["eng"],"rights":["Copyright 1992 Liu, Chao-Shin"],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier","label":"Identifier","values":["AAI9236523","(UMI)AAI9236523"],"render_values":[{"text":"AAI9236523","href":null,"code":true},{"text":"(UMI)AAI9236523","href":null,"code":true}]}]},"links":{"outbound_url":"http://hdl.handle.net/2142/22923","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Ziebart, David A."]},{"key":"dc:creator","label":"Author","values":["Liu, Chao-Shin"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2011-05-07T13:55:59Z","10000-01-01","1992"]},{"key":"dc:type","label":"Dc Type","values":["text"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Accountancy"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Business Administration, Accounting"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["eng"]},{"key":"dc:rights","label":"Dc Rights","values":["Copyright 1992 Liu, Chao-Shin"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["AAI9236523","(UMI)AAI9236523","http://hdl.handle.net/2142/22923"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["The purpose of this study is to determine (1) whether management forecasts decrease the marginal information content of subsequent earnings announcements and (2) whether the market efficiently reflects the information contained in the management forecast. If management forecasts and subsequent earnings announcements convey similar information, the subsequent earnings announcement is expected to be less informative than the prior management forecast. Moreover, the earnings announcement preceded by a management forecast is also expected to be less informative than the earnings announcement without a previous management forecast.","Evidence consistent with these predictions is found using price variability to measure the degree of information content. This study also employs a system of equations model and demonstrates that the subsequent earnings announcements convey additional information to the market, with the additional information mainly associated with the ex-post management forecast error.","In addition, abnormal returns around management forecasts and those around subsequent earnings announcements are negatively correlated. This evidence suggests that the market may overreact to management earnings forecasts. The post-announcement drift phenomenon is also found in the context of management quarterly earnings forecasts.","Made available in DSpace on 2011-05-07T13:55:59Z (GMT). No. of bitstreams: 2 license.txt: 4922 bytes, checksum: 910b249b4beec47e7ab768910c8f966f (MD5) 9236523.pdf: 4467181 bytes, checksum: 5b3f67b36d2bcdbd15dacc6058a8d4da (MD5) Previous issue date: 1992","Item marked as restricted to the 'UIUC Users [automated]' Group (id=2) by Howard Ding (hding2@illinois.edu) on 2011-05-07T15:00:57Z Item is restricted indefinitely.","Restriction data tranferred 2014-07-01T11:28:53-05:00 Original Data Group with Access UIUC Users [automated] Release Date: none Reason: ETDs are only available to UIUC Users without author permission","ETDs are only available to UIUC Users without author permission","U of I Only"]},{"key":"dc:title","label":"Title","values":["Management earnings forecasts, security price variability, and the marginal information content of earnings announcements"]}]}],"canonical_facts":{"dc:contributor":["Ziebart, David A."],"dc:creator":["Liu, Chao-Shin"],"dc:date":["2011-05-07T13:55:59Z","10000-01-01","1992"],"dc:description":["The purpose of this study is to determine (1) whether management forecasts decrease the marginal information content of subsequent earnings announcements and (2) whether the market efficiently reflects the information contained in the management forecast. If management forecasts and subsequent earnings announcements convey similar information, the subsequent earnings announcement is expected to be less informative than the prior management forecast. Moreover, the earnings announcement preceded by a management forecast is also expected to be less informative than the earnings announcement without a previous management forecast.","Evidence consistent with these predictions is found using price variability to measure the degree of information content. This study also employs a system of equations model and demonstrates that the subsequent earnings announcements convey additional information to the market, with the additional information mainly associated with the ex-post management forecast error.","In addition, abnormal returns around management forecasts and those around subsequent earnings announcements are negatively correlated. This evidence suggests that the market may overreact to management earnings forecasts. The post-announcement drift phenomenon is also found in the context of management quarterly earnings forecasts.","Made available in DSpace on 2011-05-07T13:55:59Z (GMT). No. of bitstreams: 2 license.txt: 4922 bytes, checksum: 910b249b4beec47e7ab768910c8f966f (MD5) 9236523.pdf: 4467181 bytes, checksum: 5b3f67b36d2bcdbd15dacc6058a8d4da (MD5) Previous issue date: 1992","Item marked as restricted to the 'UIUC Users [automated]' Group (id=2) by Howard Ding (hding2@illinois.edu) on 2011-05-07T15:00:57Z Item is restricted indefinitely.","Restriction data tranferred 2014-07-01T11:28:53-05:00 Original Data Group with Access UIUC Users [automated] Release Date: none Reason: ETDs are only available to UIUC Users without author permission","ETDs are only available to UIUC Users without author permission","U of I Only"],"dc:identifier":["AAI9236523","(UMI)AAI9236523","http://hdl.handle.net/2142/22923"],"dc:language":["eng"],"dc:rights":["Copyright 1992 Liu, Chao-Shin"],"dc:subject":["Business Administration, Accounting"],"dc:title":["Management earnings forecasts, security price variability, and the marginal information content of earnings announcements"],"dc:type":["text"],"thesis:degree_discipline":["Accountancy"],"thesis:degree_level":["Dissertation"],"thesis:degree_name":["Ph.D."],"thesis:institution_name":["University of Illinois at Urbana-Champaign"]},"updated_at":"2026-07-22T22:25:20Z"}