The Market Reward for Achieving Analyst Earnings Expectations: Does Managing Expectations or Earnings Matter?

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How far can we trust earnings numbers? What research tells us about earnings management (2013, background): “Athanasakou et al. (2011) attempt a comprehensive analysis of all forms of EM and earnings guidance in relation to how the earnings game was played in the UK under FRS 3.”
Real and accrual earnings management and IPO failure risk (2015, result): “…10 observations for each industry-year group and the results are qualitatively similar but this restriction leads to a large decrease in our sample size and, therefore, we follow Rosner (2003), Athanasakou et al. (2009), Iqbal et al. (2009) and Athanasakou et al. (2011) and use six observations.”
The perceived credibility of forward-looking performance disclosures (2014, unknown): “Consistent with prior research (Athanasakou et al. 2011), firms missing earnings targets are a minority ranging from 38% of firms reporting earnings declines to 40% missing analyst forecasts and only 12% reporting losses during the sample period.”