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6-21 University of Florida Jennifer Wu Tucker教授学术讲座:Does management earning forecasts matter to private loan markets?

  题目:Does management earning forecasts matter to private loan markets?

  主讲人:Jennifer Wu Tucker(University of Florida)




  Jennifer Wu Tucker先后毕业于University of Illinois at Urbana-Champaign ,New York University, 获会计学硕士和博士学位。目前就职于State University of New York at Stony Brook。他有多篇成果发表于国际权威期刊The Accounting Review ,Contemporary Accounting Research, Review of Accounting Studies, Accounting, Organizations and Society和 Journal of Accounting Research。担任多家著名期刊审搞人与编辑,并获多种奖励。


  Most prior research examines the information role of management earnings forecast (MEF) in equity markets. We investigate the confirmation role of MEF in private loan markets and hypothesize that MEF may enhance the credibility of private information communicated to lenders and therefore reduce loan spreads. Consistent with this hypothesis, we find negative associations between the occurrence, frequency, and precision of MEF and the spreads of subsequently originated loans. The economic effect is significant: among firms that provide an MEF at some point during our sample period, those issuing an MEF in the six months preceding a new loan experience a loan spread 19 basis points lower than those not issuing an MEF (about $0.88 million in annual interest savings). These associations are stronger for firms with recent restatements or in periods of greater economic uncertainty, and are weaker for firms with relationship lending. These results indicate that the effects of MEF are more pronounced when the confirmation role of MEF is in greater demand. We also find that managers increase the frequency and precision of MEF in anticipation of new loans. Overall, we provide indirect evidence of the confirmation role of MEF in private loan markets.