000			01672nam a22002057a 4500
005			20240426130805.0
008			240426b ph ||||| |||| 00| 0 eng d
040			_cOCT
100			_aBuchanan, Jessica
240			_aJournal of Financial Reporting / _hFall 2023
245			_aForecast rounding, forecast uncertainty, managers' language, and investors' judgements / _bJessica Buchanan
300			_aVol 8 (2) pages 55-77 : _billustrations ; _c28 cm
500			_aABSTRACT: We investigate how rounded (e.g., 10 percent) versus unrounded (e.g., 9.73 percent, 10.00 percent, or 10.27 percent) sales growth forecasts impact investor judgment. We hypothesize that investors are more willing to invest in a company when the degree of rounding matches the amount of forecast uncertainty (i.e., rounded forecasts in more uncertain environments and unrounded forecasts in less uncertain environments). We also hypothesize that managers can offset the negative impact of a mismatch between forecast rounding and forecast uncertainty by using more immediate language in their forecasts. In a first experiment using M.B.A. students as investors, we find a combination of support and partial support for our hypotheses. However, in a second experiment using online workers and a third experiment using M.B.A. students, we fail to find support for our hypotheses. Overall, we fail to find replicable effects of forecast rounding, forecast uncertainty, and language immediacy on investors' judgments.
650			_amanagement forecast
650			_aforecast rounding
650			_aforecast uncertainty
650			_alanguage
650			_averbal immediacy
942			_2ddc _cCR _n0
999			_c9569 _d9569