投资者情绪与管理层业绩预告策略
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财经研究 2013 年 第 39 卷第 10 期, 页码：78 - 92
摘要
参考文献
摘要
文章以管理层业绩预告为研究对象,实证分析了宏观市场层面的投资者情绪对微观企业信息披露策略的影响。研究发现,在不同的情绪期,管理层选择了不同的业绩预告策略。与情绪高涨期相比,当投资者情绪低落时,管理层自愿发布业绩预告的动机更强,而且业绩预告精确性更高;为了修正投资者对未来业绩的悲观预期,管理层的业绩预告更为乐观。此外,管理层对坏消息更可能持乐观态度,尤其在市场情绪低落期,这种乐观倾向更加显著。上述结果表明,除了微观企业层面因素外,宏观市场层面的投资者情绪也会影响上市公司的信息披露策略。
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[2]利昂·费斯汀格.认知失调理论[M].杭州:浙江教育出版社,1996.
[3]Ali A,Gurun U G.Investor sentiment,accruals anomaly,and accruals management[J].Journal of Accounting,Auditing and Finance,2009,24(3):415-431.
[4]Baker M,Wurgler J.Investor sentiment and the cross-section of stock returns[J].Journal of Finance,2006,61(4):1645-1680.
[5]Bamber L S,Jiang J,Wang Y.What’s my style?The influence of top managers on voluntary corporate financial disclosure[J].Accounting Review,2010,85(4):1131-1162.
[6]Bergman N,Roychowdhury S.Investor sentiment and corporate disclosure[J].Journal of Accounting Research,2008,46(5):1057-1083.
[7]Bless H,Clore G,Schwarz N,et al.Mood and the use of scripts:Does a happy mood really lead to mindlessness?[J].Journal of Personality and Social Psychology,1996,71(4):665-679.
[8]Brown N,Christensen T,Elliott B,et al.Investor sentiment and pro forma earnings disclosures[J].Journal of Accounting Research,2012,50(1):1-40.
[9]Dimitrov V,Jain P C.It’s show time:Do managers report better news before annual shareholder meeting?[J].Journal of Accounting Research,2011,49(5):1193-1221.
[10]Doyle J,Magilke M.The timing of earnings announcements:An examination of the strategic disclosure hypothesis[J].Accounting Review,2009,84(1):157-182.
[11]Hirst D E,Koonce L,Venkataraman S.Management earnings forecasts:A review and framework[J].Accounting Horizons,2008,22(3):315-338.
[12]Polk C,Sapienza P.The stock market and corporate investment:A test of catering theory[J].Review of Financial Studies,2009,22(1):187-217.
[13]Seybert N,Yang H I.The party’s over:The role of earnings guidance in resolving sentiment-driven overvaluation[J].Management Science,2012,58(2):308-319.
[14]Skinner D.Why firms voluntarily disclose bad news[J].Journal of Accounting Research,1994,32(1):38-60.
[15]Sloan R G.Do stock prices fully reflect information in accruals and cash flows about future earnings?[J].Accounting Review,1996,71(3):289-315.
引用本文
王俊秋, 花贵如, 姚美云. 投资者情绪与管理层业绩预告策略[J]. 财经研究, 2013, 39(10): 78–92.
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