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    Management Earnings Forecasts, Information Asymmetry, and Liquidity: An Empirical Investigation

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    SSRN-id994960.pdf (455.2Kb)
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    https://www.researchgate.net/profile/Mikhail_Pevzner/publication/228258370_Management_Earnings_Forecasts_Information_Asymmetry_and_Liquidity_An_Empirical_Investigation/links/0a85e533f2f96b4b3b000000/Management-Earnings-Forecasts-Information-Asymmetry-and-Liquidity-An-Empirical-Investigation.pdf
    Permanent Link
    10.2139/ssrn.994960
    http://hdl.handle.net/11603/4273
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    Author/Creator
    Pevzner, Mikhail
    Date
    2007
    Type of Work
    65 pages
    Text
    journal articles
    Citation of Original Publication
    Pevzner, Mikhail, Management Earnings Forecasts, Information Asymmetry, and Liquidity: An Empirical Investigation (July 2007).
    Subjects
    Management Earnings Forecasts
    Information Asymmetry
    Liquidity
    Abstract
    This study investigates (1) whether forecasting firms have lower liquidity prior to the issuance of a management-earnings forecast than non-forecasting firms and (2) whether forecasting earnings has a persistent affect on a firm's liquidity. I find that, first, forecasting firms have greater liquidity in the period prior to a forecast. Second, while issuing forecast increases liquidity in over short windows, this effect is not significant over longer windows. Third, initiating or ceasing the issuance of earnings forecasts has no significant long-term effect on the firm's liquidity. Combined, these results suggest that management earnings forecasting decision does not appear to be driven by liquidity-improvement goals, and that management earnings forecasts do not appear to strongly affect firms' liquidity.


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    Robert L. Bogomolny Library
    University of Baltimore
    1420 Maryland Ave.
    Baltimore, MD 21201
    Email: knowledgeworks@ubalt.edu


    If you wish to submit a copyright complaint or withdrawal request, please email mdsoar-help@umd.edu.