Event Study of Management Forecasts (MF v1.0)

Analysis Variable : car
Range_desc	Guidance_code	N Obs	N	Mean	t Value	Pr > |t|
between (&)	shortfall	62244	59580	-0.0385907	-86.13	<.0001
	beat consensus	46119	43822	0.0356146	76.32	<.0001
	Match Consensus	95852	91221	0.0065633	24.80	<.0001
	management guidance	10275	8986	0.0045422	3.16	0.0016
About	shortfall	11403	10709	-0.0305280	-25.75	<.0001
	beat consensus	11875	11095	0.0169454	18.67	<.0001
	Match Consensus	32134	30604	0.0024194	4.77	<.0001
	management guidance	5893	4867	0.0055706	2.75	0.0060
more than	beat consensus	1670	1532	0.0317430	12.15	<.0001
	management guidance	3386	3000	0.0015081	0.81	0.4200
at least	beat consensus	842	825	0.0381302	10.70	<.0001
	management guidance	1455	1359	-0.0098653	-3.79	0.0002
high end of	shortfall	194	188	0.0057206	1.37	0.1717
	beat consensus	53	48	0.0114409	1.32	0.1932
	Match Consensus	740	714	0.0169979	6.38	<.0001
	management guidance	21	18	0.0467577	2.34	0.0316
low end of	shortfall	52	49	-0.0510387	-4.79	<.0001
	beat consensus	118	107	-0.0215299	-2.83	0.0056
	Match Consensus	586	564	-0.0249663	-8.33	<.0001
	management guidance	25	22	-0.0024656	-0.20	0.8442
less than	shortfall	544	526	-0.0365616	-6.05	<.0001
	management guidance	941	855	-0.0186873	-4.02	<.0001
may exceed	management guidance	114	108	0.0237569	2.23	0.0280
slightly more than	beat consensus	174	169	0.0142306	1.73	0.0853
	management guidance	321	305	-0.0072133	-1.34	0.1819
slightly less than	shortfall	139	133	-0.0287616	-4.10	<.0001
	management guidance	155	149	0.0096168	1.11	0.2677
comfortable with	shortfall	15	15	0.0277033	1.37	0.1935
	beat consensus	14	13	0.0380849	0.91	0.3817
	Match Consensus	555	542	0.0029986	1.21	0.2286
	management guidance	27	14	-0.0382866	-1.41	0.1806
significantly less than	shortfall	32	23	-0.0975186	-3.36	0.0028
	management guidance	51	47	-0.0698972	-3.53	0.0009
significantly more than	beat consensus	11	10	0.0587218	3.95	0.0033
	management guidance	53	46	0.0204255	1.10	0.2751
not to exceed	shortfall	28	27	0.0088717	0.35	0.7288
	management guidance	80	78	0.0012509	0.08	0.9375