报告题目：Quantification of Non-GAAP Exclusion Items in Management Guidance and Analyst Information Production

报告人：邱鹏嘉

报告时间：2024年5月10日（周五）13:30-15:00

报告地点：劝学楼245

主办单位：东北财经大学会计学院 辽宁省资本市场财务与会计研究生创新与学术交流中心

【报告摘要】

We examine whether analyst information production benefits when management guidance includes quantitative reconciliations of non-GAAP forecasts to comparable GAAP forecasts. To quantitatively reconcile a non-GAAP forecast with a GAAP forecast, managers must provide forecasts of non-GAAP exclusions. Although required by Regulation G, forecasts of non-GAAP exclusions are often missing from managers’ non-GAAP guidance events because Regulation G provides an “unreasonable effort” exception that firms frequently exploit with little pushback from regulators. Using a hand-collected sample of non-GAAP management guidance events from 2007 to 2020, we find that when managers accompany their non-GAAP guidance with quantitative exclusion item guidance, analysts’ non-GAAP forecasts are timelier and more accurate. Moreover, analysts are more likely to provide distinct GAAP and non-GAAP forecasts when managers quantify their non-GAAP exclusions, and analysts’ GAAP forecasts are timelier and more accurate, with better predictions of non-GAAP exclusions contributing to this accuracy. Interestingly, we find that quantitative exclusion item guidance is generally more beneficial when exclusions pertain to recurring items, and guidance for recurring exclusions appears to be responsible for analysts’ higher non-GAAP forecast accuracy. Overall, our results suggest that quantitative exclusion item guidance is beneficial to the information environment of non-GAAP guiders and that stricter enforcement of quantification rules for recurring items could yield additional benefits.

【报告人简介】

邱鹏嘉，香港中文大学（深圳）经管学院副教授。他拥有加州大学欧文分校博士学位、斯坦福大学硕士学位和加州大学洛杉矶分校学士学位。他的研究兴趣主要集中在财务报告、公司治理、盈余管理及资本市场研究等领域，研究成果发表于The Accounting Review、Management Science、Contemporary Accounting Research、Review of Accounting Studies、Accounting, Organizations and Society等国际顶级期刊。在香港工作期间，他曾经两次获得香港研究资助委员会（RGC）的优配研究金资助。此外，他还担任了The Accounting Review、Review of Accounting Studies、Journal of Business Ethics、Contemporary Accounting Research、European Accounting Review、Journal of Accounting and Public Policy、Accounting Horizon 等国际知名期刊的匿名审稿人。

【特别提醒】

未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。