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Aggregate earnings, stock market returns and macroeconomic activity: A discussion of ‘Does earnings guidance affect market returns? The nature and information content of aggregate earnings guidance


Journal of Accounting and Economics



Authors / Editors

Shivakumar L

Publication Year



Anilowski, Feng and Skinner (Journal of Accounting and Economics, 2006, this issue) examine the relationship between aggregateearningsguidance, aggregateearnings news and marketreturns. They provide evidence that changes in aggregate proportions of downward or upward earningsguidance are associated with aggregateearnings news and weakly associated with marketreturns. However, the study is unable to establish causality or the precise nature of the relationship between aggregateearningsguidance and marketreturns. To better understand the relationship, this paper analyzes the relation between aggregateearnings, stockmarketreturns and the macroeconomy. The paper concludes with suggestions for future research.

Available on ECCH


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