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The Impact Of Managements Tone On The Perception Of Managements Credibility In Forecasting
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Book Synopsis The Impact of Management's Tone on the Perception of Management's Credibility in Forecasting by : Robert D. Slater
Download or read book The Impact of Management's Tone on the Perception of Management's Credibility in Forecasting written by Robert D. Slater and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: ABSTRACT: The purpose of this study is to examine the impact of management altering its tone in communications on participants' perceptions of management credibility. Management's tone in communicating with participants was manipulated using communications from management under two treatment conditions. In period one of the study management's tone was manipulated within the management statement on internal controls as required by the Public Company Accounting Oversight Board's (PCAOB) Auditing Standards No. 2. In period one, participants had no knowledge of management's prior forecasting accuracy. Consistent with predicted hypotheses, the findings reveal that management can increase its credibility with participants by communicating its empathy, responsiveness, and understanding. Management's increased credibility was measured using both a validated credibility scale and by examining participants' reliance on management's forecasts. In period two of the study all participants had knowledge of management's forecast failure in period one. The results from period two found that tone could impact the rating of management's credibility when management had previously failed to meet a forecast but that tone had no impact on participant's changes in their earnings per share estimates after management had previously failed to meet a forecast.
Book Synopsis Dissertation Abstracts International by :
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2009-05 with total page 582 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Joint Effect of Management's Prior Forecast Accuracy and the Form of its Financial Forecasts on Investor Judgment by : D. Eric Hirst
Download or read book The Joint Effect of Management's Prior Forecast Accuracy and the Form of its Financial Forecasts on Investor Judgment written by D. Eric Hirst and published by . This book was released on 2000 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine how investor reaction to management earnings forecasts is a joint function of the form of the forecast and management's perceived credibility. In a laboratory experiment involving 126 individual investors, we compare investors' earnings predictions and their confidence therein after receiving point and closed range forecasts issued by managements whose previous forecasting accuracy is known to be either high or low. We used point and range forecasts, because they differ in the degree to which they communicate management's uncertainty about the future. We use management's prior forecasting accuracy as a measure of management's credibility, because prior research has documented the importance of this factor when considering the usefulness of management's voluntary forecasts.Our results show that, as expected, investors' earnings predictions are responsive to management's forecasts. However, as we hypothesized, forecast form did not influence investors' earnings estimates. In contrast, investors' confidence in their earnings predictions was influenced by the form of management's forecasts, but this effect emerged only when management was previously accurate in their forecasting. A similar interactive pattern was found in the dispersion of investors' predictions about the company's future earnings. Finally, consistent with the hypothesis that confidence is an important determinant of investor behavior, we find that investors' judgments of future stock price appreciation are a positive function of both unexpected earnings and the change in their confidence.Our study extends the literature on management forecasts by empirically testing the joint influence of management's credibility (i.e., forecasting accuracy) and forecast form. The prior literature has argued that both factors should be important, but has not delineated whether or how these two factors might interact. We present a theoretical framework that indicates when both factors should influence investor judgment.
Book Synopsis The Joint Impact of Commitment to Disclosure and Prior Forecast Accuracy on Managers' Forecasting Credibility by : Shankar Venkataraman
Download or read book The Joint Impact of Commitment to Disclosure and Prior Forecast Accuracy on Managers' Forecasting Credibility written by Shankar Venkataraman and published by ProQuest. This book was released on 2000 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impact of Forecast Roundness, Forecast Uncertainty, and Managers' Language on Investors' Judgments by : Jessica Osgood
Download or read book The Impact of Forecast Roundness, Forecast Uncertainty, and Managers' Language on Investors' Judgments written by Jessica Osgood and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Management forecasts can have varying degrees of roundness, including sharp (e.g., a sales growth forecast of 9.73% or 10.27%), explicitly round (e.g., 10.00%), and rounded (e.g., 10%). Prior archival research indicates investors rely less upon round than sharp forecasts (Bamber, Hui, and Yeung 2010), yet it is unclear why this occurs or how contextual features of earnings forecasts moderate this effect. Moreover, this prior research has not distinguished between the effects of explicitly round versus rounded estimates. I provide evidence that the impact of forecast roundness on willingness to invest depends upon forecast uncertainty. That is, rounded sales forecasts enhance management credibility and make investors more willing to invest, but only when the level of forecast uncertainty is higher. Furthermore I find that investors react to explicitly round and rounded forecasts differently (i.e., 10.00% versus 10%), with explicitly round forecasts leading to higher willingness to invest when uncertainty is lower versus when uncertainty is higher similar to rounded forecasts. I also examine and find that managers can alter their language to repair credibility concerns resulting from a mismatch between forecast roundness and forecast uncertainty. Overall, my results show how a change as seemingly innocuous as rounding a sales forecast can alter investors' perceptions of management credibility and their willingness to invest. For example, my findings suggest conditions in which companies using a sharp underlying sales forecast to meet an earnings target can improve investors' perceptions by simply rounding the sales forecast disclosed while keeping the underlying number sharp. To the extent that investors react negatively to a mismatch between forecast roundness and forecast uncertainty, my results provide information to financial managers about how to carefully construct earnings forecasts to limit these negative reactions.
Book Synopsis The Use of Downside Information to Enhance Investors' Credibility Judgments of Good News Management Forecasts by :
Download or read book The Use of Downside Information to Enhance Investors' Credibility Judgments of Good News Management Forecasts written by and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Contemporaneous Verification of Language by : Stephen P. Baginski
Download or read book Contemporaneous Verification of Language written by Stephen P. Baginski and published by . This book was released on 2015 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research documents that linguistic tone is incrementally informative about stock returns. What remains a puzzle is the mechanism by which investors can assess its credibility. We examine whether contemporaneous information in management earnings forecasts serves as a timely alternative to ex post verification. We document that ex post verifiable quantitative news in unbundled forecasts, and characteristics of the linguistic tone itself, affect investors' pricing of tone. Consistent with higher quality signals enhancing the credibility of contemporaneous lower quality signals, we find that quantitative news verifies the associated linguistic tone; when the two signals have the same sign, the price effect of tone is stronger. Furthermore, the pricing attenuation of tone is increasing in the imprecision of the quantitative forecast, suggesting that lower forecast quality compromises the quantitative signal's credibility enhancement. Managerial incentives to inflate tone lead to the verification effect being greater for optimistic language, while management's use of hyperbole results in attenuation of the tone's pricing.
Book Synopsis Advances in Accounting Behavioral Research by : Donna Bobek Schmitt
Download or read book Advances in Accounting Behavioral Research written by Donna Bobek Schmitt and published by Emerald Group Publishing. This book was released on 2015-10-01 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Accounting Behavioral Research addresses a wide range of issues that affect the users, preparers and assurers of accounting information. Volume 18 exemplifies this focus by including research from auditing, taxation and managerial and information systems.
Book Synopsis Credibility of Management Forecasts by : Jonathan L. Rogers
Download or read book Credibility of Management Forecasts written by Jonathan L. Rogers and published by . This book was released on 2005 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine how the market's ability to assess the truthfulness of management earnings forecasts affects the extent to which managers bias their forecasts, and we evaluate whether the market's response to management forecasts is consistent with it identifying the predictable bias in forecasts. We find that managers more likely to face litigation release less optimistic forecasts than managers less likely to face litigation, and this incentive is dampened when it is more difficult to detect whether managers have misrepresented their forward-looking information. Further, when it is more difficult to detect forecast bias, we find that managers are more likely to offer forecasts that increase their profits from insider transactions and managers of financially distressed firms are more optimistic than those of healthy firms. With regard to the stock price response to forecasts, we find the market's immediate response varies with the predictable bias in good but not bad news forecasts. The market's subsequent response, however, is consistent with investors eventually identifying the bias in bad news forecasts and modifying their valuation of the firm in the appropriate direction.
Book Synopsis Credibility of Management Forecasts by : Jonathan L. Roger
Download or read book Credibility of Management Forecasts written by Jonathan L. Roger and published by . This book was released on 2002 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Significance of Forecast Precision by : Katarzyna Karolina Rupar
Download or read book Significance of Forecast Precision written by Katarzyna Karolina Rupar and published by . This book was released on 2011 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: I investigate whether the precision of an earnings forecast interacts with environmental uncertainty to affect investors' perceptions of management credibility, future firm growth, and firm stock price. I find that investors respond to a misalignment between environmental uncertainty and forecast precision by lowering their growth expectations and stock price estimates (lowering growth expectations and penalizing price estimates when point forecasts are issued in relatively uncertain environments or range forecasts are issued in relatively certain environments). I find a similar pattern of results for investors' perceptions of management credibility. Perceptions of management credibility mediate the impact of misalignment on investors' perceptions of future growth but do not mediate the impact of misalignment on stock price estimates. My findings have implications for managers issuing forecasts and for investors interpreting forecasts.
Book Synopsis Decision-support Experiments and Evaluations Using Seasonal-to-interannual Forecasts and Observational Data by : Nancy Kay Beller-Simms
Download or read book Decision-support Experiments and Evaluations Using Seasonal-to-interannual Forecasts and Observational Data written by Nancy Kay Beller-Simms and published by . This book was released on 2008 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Risk and Security Management by : Michael Blyth
Download or read book Risk and Security Management written by Michael Blyth and published by John Wiley & Sons. This book was released on 2008-07-23 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: Learn to measure risk and develop a plan to protect employees and company interests by applying the advice and tools in Risk and Security Management: Protecting People and Sites Worldwide. In a world concerned with global terrorism, instability of emerging markets, and hazardous commercial operations, this book shines as a relevant and timely text with a plan you can easily apply to your organization. Find a series of strategic to granular level policies, systems, and concepts which identify and address risk, enabling business to occur in a manner which best protects you and your company.
Book Synopsis ICIME 2011-Proceedings of the 2nd International Conference on Information Management and Evaluation by : Ken Grant
Download or read book ICIME 2011-Proceedings of the 2nd International Conference on Information Management and Evaluation written by Ken Grant and published by Academic Conferences Limited. This book was released on with total page 591 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following on from the continued success of the European Conference on Information Management and Evaluation, we are delighted at the Ted Rogers School of Management, Ryerson University to be able to host the 2nd International Conference on Information Management and Evaluation (ICIME 2011).ICIME aims to bring together individuals researching and working in the broad field of information management, including information technology evaluation. We hope that this year's conference will provide you with plenty of opportunities to share your expertise with colleagues from around the world.This year's opening keynote address will be delivered by Dr Catherine Middleton, Ted Rogers School of Information Technology Management, Ryerson University, Toronto, Canada.
Download or read book Management written by and published by . This book was released on 1983 with total page 792 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Trend Management Toolkit by : A. Kjaer
Download or read book The Trend Management Toolkit written by A. Kjaer and published by Springer. This book was released on 2014-10-07 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a fast moving world, businesses need to keep up with data analysis and pattern spotting to identify future opportunities. Anne Lise Kjaer presents a unique methodology for global trend spotting along with practical tools and approaches to help companies and organizations analyse market changes and determine the way ahead.
Book Synopsis Value-Based Management in an Open Economy by : Walter Amedzro St-Hilaire
Download or read book Value-Based Management in an Open Economy written by Walter Amedzro St-Hilaire and published by CRC Press. This book was released on 2022-10-17 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates the relationship between strategy optimization mechanisms and the efficiency (performance and productivity) in the digital and open economy. The aim of this question on the interactions between strategies, performance, and market forms is to understand how, at the level of value-based management, productivity determines the optimized strategies and how the optimization process is modified according to the performance of the firm. Value-Based Management in an Open Economy: Optimizing Strategy to Improve Business and Performance outlines the conditions under which this relationship is negative, neutral, or positive in the banking sector. Applying economic and managerial principles, the book demonstrates that problems related to the competitive advantage can be successfully analyzed like all other business problems, using traditional tools of economics, finance, and strategy (provided that the dynamics of industry-specific interactions are considered). The author argues that the ability of firms to improve their performance depends on the structure in which these organizations compete and their ability to optimize their value-based management. Key features: Captures the diversity and the interconnection of management control and firm performance issues Analyzes the challenges of contemporary management control in order to provide transversal and sustainable strategic solutions Promotes understanding of the prospects of optimizing mechanisms This volume is intended primarily for those who will be called upon to work as researchers or professionals in the fields of corporate governance and value-based management. The book identifies the technical practices and proposes mechanisms to encourage growth and improve performance. The book will be helpful for renewing strategic approaches and value-based mechanisms in a digital and open economy.
