Earnings Preannouncement Strategies

By Leonard C. Soffer, S. Thiagarajan, Beverly R. Walther. 2000

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Does Earnings Guidance Affect Market Returns? The Nature and Information Content of Aggregate Earnings Guidance (2007, neutral): “, Skinner, 1994; Kasznik and Lev, 1995), and more generally that managers’ disclosure strategies vary as a function of their firms’ earnings news (Soffer et al., 2000; Kothari, Shu, and Wysocki, 2005).”
Earnings Guidance and Market Uncertainty (2009, neutral): “It is less obvious why managers disclose good earnings news early; they may even release good news by “leaking” it to market participants selectively using means other than formal disclosures (e.g., see Skinner, 1994; Soffer et al., 2000; Kothari et al., 2008).”
What Do Management Earnings Forecasts Convey About the Macroeconomy (2013, neutral): “…finding pertaining to the direction of the forecast news is that litigation and reputation concerns induce 11See Hutton et al. (2003), Skinner (1994), and Soffer et al. (2000) for examples documenting the asymmetric stock market response to good news and bad news management earnings forecasts.”
The Rewards to Meeting or Beating Earnings Expectations (2002, background): “In fact, past research (see Kasznik and Lev, 1995; Soffer et al., 2000) shows a significant decline in the stock price of E.”