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1、AccountingResearchCenter,BoothSchoolofBusiness,UniversityofChicagoCorporateForecastsofEarningsPerShareandStockPriceBehavior:EmpiricalTestAuthor(s):JamesM.PatellSource:JournalofAccountingResearch,Vol.14,No.2(Autumn,1976),pp.246-276Publishedby:WileyonbehalfofAccountingResearchCenter,BoothScho
2、olofBusiness,UniversityofChicagoStableURL:http://www.jstor.org/stable/2490543.Accessed:10/09/201405:18YouruseoftheJSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jsp.JSTORisanot-for-profitservicethathelpsscholars,
3、researchers,andstudentsdiscover,use,andbuilduponawiderangeofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org..WileyandAccountingResearchCenter,BoothSchoolofB
4、usiness,UniversityofChicagoarecollaboratingwithJSTORtodigitize,preserveandextendaccesstoJournalofAccountingResearch.http://www.jstor.orgThiscontentdownloadedfrom171.66.16.240onWed,10Sep201405:18:39AMAllusesubjecttoJSTORTermsandConditionsCorporateForecastsofEarningsperShareandStockPriceBehav
5、ior:EmpiricalTestsJAMESM.PATELL*1.IntroductionThedisclosureofcorporateforecastsofprojectedannualearningswasatopicofintensivedebatewithintheinvestmentcommunityduringtheyears1970-75.Questionsofaccuracy,objectivity,independentcertifica-tion,andinvestmentutilitywereexaminedfromanumberoftheoreti
6、candpragmaticviewpoints.'Mostoftheseinquiriesappeartoassumethataninvestor'sbeliefsand/oractionsmaybeaffectedbythedisclosureofamanagementforecast,andseveralexplorethepossiblerewardsandsanc-tionsthatafirmmayexperienceasaresultofforecastaccuracy.Thepurposeofthisstudyistotestthehypothesizedinfo
7、rmationcontentofmanagementforecaststhroughtheexaminationofthecommonstockpricebehaviorwhichaccompaniedthevoluntarydisclosureof336fore-castsofannualearningspershareduringtheyears1963-67.Theresultsreportedhereindicatethattheseforecastdisclosureswereaccompan
