ABSTRACT

In this study we examine whether and how extravert key executives in firms affect the provision of management earnings forecasts and the associated stock market reactions. We provide evidence that firms with extraverted chief financial officers (CFOs) tend to issue more earnings forecasts, earnings forecasts with a higher level of disaggregation, and earnings forecasts accompanied by supplementary information. However, earnings forecasts issued by extraverted CFOs are also less timely, less accurate, and more optimistic. Further analyses show that investors tend to react more strongly to earnings forecasts issued by firms with extraverted CFOs. Our findings therefore suggest that although earnings forecasts issued by extraverted CFOs are not necessarily of better quality, the stock market reactions associated with such forecasts are generally positive.

摘要

在这项研究中，我们研究了公司中外向的主要高管是否以及如何影响管理层盈利预测的提供以及相关的股票市场反应。我们提供的证据表明，具有外倾型首席财务官 (CFO) 的公司倾向于发布更多的盈利预测、具有更高分解水平的盈利预测以及伴随补充信息的盈利预测。然而，外向型 CFO 发布的盈利预测也不够及时、不够准确，但更为乐观。进一步的分析表明，投资者往往对 CFO 外向的公司发布的盈利预测反应更强烈。因此，我们的研究结果表明，虽然外倾型 CFO 发布的盈利预测不一定质量更好，