סמינר במימון חשבונאות

Abstract:

We analyze corporate 8-K releases and find that while approximately 70% of analysts revise their forecast following 8-K earning releases, the portion of analysts revising their forecasts after non-earnings 8-K is only 15%. We compare between forecasts that are revised and forecasts that remain unchanged following non-earnings 8-K releases and find that revised forecasts are associated with lower forecasts errors. We also find that analysts who revise their forecasts after non-earning 8-K have more accurate and timelier forecasts in subsequent periods. Overall, our findings indicate that non-earnings 8-K are informative about future earnings and that analysts who revise their forecast after these releases are skillful.