... between delta and vega, we perform several sensitivity analyses to mitigate the possibility that our results are driven by vega capturing a misspecified (non-linear) relation between delta and management forecasts. voluntary disclosure earnings guidance managerial incentives disclosure risks...

...Kirsten Fanning; Ling Harris; Kevin E. Jackson; Matthew T. Stern ABSTRACT We investigate whether nonprofessional investors' responses to a company's reported earnings differ when management earnings guidance is presented as a goal or an expectation. We present 64 M.B.A. students and 262 MTurk...

... September 2015 American Accounting Association 2016 self-serving attribution bias overconfidence voluntary disclosure earnings guidance earnings forecasts survey Libby and Rennekamp (2012) propose and test whether managerial overconfidence contributes to the decision...