Earnings Management, Forecast Guidance and the Banking Crisis’

Elena Beccalli, Saverio Bozzolan, Andrea Menini, Philip Molyneux

Risultato della ricerca: Contributo in rivistaArticolo in rivista

8 Citazioni (Scopus)


This paper studies earnings management (EM) and forecast guidance (FG) activities of European banks between 2004 and 2008. Using 22,564 analyst forecasts for 55 banks, we find that the proportion of banks hitting or beating analyst consensus fell from 68.22% pre-crisis to 28.13% during the crisis. Banks enjoy higher cumulative adjusted returns (CARs) when they hit analyst consensus only in the crisis.EMis evident pre- but not during the crisis – it has no CAR effects. FG increases the probability of hitting benchmark earnings and during the crisis yields higher CARs. EM and FG act as complements in the crisis period.
Lingua originaleEnglish
pagine (da-a)242-268
Numero di pagine28
RivistaEuropean Journal of Finance
Stato di pubblicazionePubblicato - 2015


  • analyst earnings forecast
  • banks
  • crisis
  • earnings management
  • forecasts guidance


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