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literatures. Investors ’ Reactions to Bundled Current Earnings and Management Earnings Guidance: The Earnings Trend Effect



We examine the effects of bundled disclosure of current earnings and management earnings guidance on investors ’ earnings- and investment-related judgments. We propose whether it is possible for investors to construct an earnings trend affects their reactions to earnings disclosures. When current earnings and earnings guidance are bundled (rather than separately presented), investors are more likely to form and be influenced by the earnings trend. Negative (positive) earnings news followed by positive (negative) earnings news implies an upward (downward) earnings trend. Furthermore, an upward/downward earnings trend can only be formed when the presentation order of the earnings news is consistent with their chronological order. Our findings contribute to both the bundled disclosure and the earnings tren

Year: 2011
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