Once Is Not Enough: An Analysis of Management Updates of Annual Earnings Forecasts

Li Yao, Paul Zarowin, College of Business, Florida International University, John Molson School of Business, Concordia University, Stern School of Business, New York University, New York

Journal of Accounting, Auditing & Finance

Published online on November 06, 2025

Abstract

Journal of Accounting, Auditing & Finance, Ahead of Print.
We document a relatively new common phenomenon: managers update their forecasts of annual earnings, often in all interim quarters (i.e., regular updates). More consistent with regular updates being predetermined than being spontaneously issued, we find ...