초록 열기/닫기 버튼
Firms that barely beat the market expectation show higher consensus ofearningsforecasts than do their counterparts that barely miss it. Differences in stock returns around earnings announcements between firms that beat and miss the market expectation are statistically significant when the consensus of earnings forecasts is high. Thus, managers appear to be more concerned about beating the market expectation when the dispersion ofearningsforecasts is low. Otherwise, they might experience a large amount ofopportunity costs as a firms stock prices decline.
