...H. Scott Asay; Jeffrey Hales; Cory Hinds; Kathy Rupar ABSTRACT There is limited evidence on the construct validity of the dependent measures commonly used in the literature on nonprofessional investor judgments. In this paper, we first survey the literature to understand the types of dependent...

...H. Scott Asay; Jeffrey Hales ABSTRACT We examine how cautionary disclaimers about forward-looking statements affect investor judgments both before making an investment and after having suffered an investment loss. In our first experiment, a cautionary disclaimer appears to effectively communicate...

... dimension of guidance provision unexamined in prior research—guidance consistency—and highlight when it can influence investor judgments even when key elements of a firm's historical guidance content are held constant. Data Availability: Contact the authors. Second, our study suggests an important...