Showing posts with label Management Forecast. Show all posts
Showing posts with label Management Forecast. Show all posts

Tuesday, December 22, 2015

What is the value of sell-side analysts? Evidence from coverage initiations and terminations

Journal of Accounting and Economics
Volume 60, Issues 2–3, November–December 2015, Pages 141–160

What is the value of sell-side analysts? Evidence from coverage initiations and terminations

Kevin K. Lia, Haifeng Youb

Management Forecast对于股市的影响。
(1) Initiations和terminations有影响
(2) changes in information asymmetry 不一定


Abstract
We investigate three potential channels of analyst value creation: improving fundamental performance through monitoring, reducing information asymmetry, and increasing investor recognition. We show that changes in investor recognition have consistent explanatory power for the market reaction to coverage initiations and terminations but find mixed evidence for changes in information asymmetry and no evidence for changes in fundamental performance as determinants of the market reaction. These results suggest that analysts create value for firms under their coverage by improving their investor recognition and not by monitoring or reducing information asymmetry.
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On guidance and volatility

On guidance and volatility


Journal of Accounting and Economics
Volume 60, Issues 2–3, November–December 2015, Pages 161–180

Mary Brooke Billingsa, Robert Jenningsb, Baruch Lev

讨论management guidance到底增加还是减少volatility。这文说是减少。

Abstract

In contrast to theoretical and empirical evidence linking disclosure to information environment benefits, recent research concludes that guidance increases volatility, but leaves open the question of whether volatility plays a role in prompting the issuance of guidance. Consistent with the notion that managers react to rising volatility by providing guidance, we document a link between abnormal run-ups in volatility and the decision to issue a forecast after controlling for the market’s ability to anticipate the guidance. Upon disentangling pre-guidance volatility changes from post-guidance volatility changes, we find no evidence that guidance increases volatility. Indeed, our evidence consistently supports the view that managers seek to and do mitigate share price volatility with guidance.

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Wednesday, December 2, 2015

The informativeness of earnings and management’s issuance of earnings forecasts

The informativeness of earnings and management’s issuance of earnings forecasts
Journal of Accounting and Economics 42 (2006) 439–458

Clive S. Lennox, Chul W. Park

ERC越显著的公司，公司越倾向发布Forecasts.

Theory suggests that managers issue earnings forecasts to reduce information asymmetry. An earnings forecast is more effective in reducing information asymmetry if it contains earnings news that is relatively more informative about the firm’s value. We hypothesize that a manager is more likely to issue an earnings forecast if investors perceive that earnings are more informative. We measure earnings informativeness by estimating the firm’s earnings response coefficient (ERC) in quarters prior to the forecast issuance decision. Consistent with our hypothesis, we find that the firm’s historic ERC is positively associated with management’s issuance of earnings forecasts.
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Tuesday, December 1, 2015

Measure Freq. in IBES Management Forecast

Measure
Measure Frequency Percent Cumulative
Frequency		 Cumulative
Percent
CPX 36285 12.59 36285 12.59
DPS 2252 0.78 38537 13.37
EBS 80 0.03 38617 13.40
EBT 10980 3.81 49597 17.21
EPS 105561 36.63 155158 53.84
FFO 5479 1.90 160637 55.74
GPS 9482 3.29 170119 59.03
GRM 13391 4.65 183510 63.68
NET 8852 3.07 192362 66.75
OPR 3935 1.37 196297 68.11
PRE 1196 0.41 197493 68.53
ROA 83 0.03 197576 68.56
ROE 544 0.19 198120 68.75
SAL 90073 31.25 288193 100.00
SALPAR 1 0.00 288194 100.00

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Time Series Event Study of Management Forecasts (MF v1.0) - More Interesting

Analysis Variable : car
Range_desc Guidance_code MF_year N Obs N Mean t Value Pr > |t|
between (&) shortfall 2002 141 134 -0.0879203 -6.70 <.0001
2003 3286 3143 -0.0531445 -27.62 <.0001
2004 4414 4209 -0.0556624 -33.75 <.0001
2005 4775 4518 -0.0508213 -37.66 <.0001
2006 4976 4735 -0.0413169 -29.81 <.0001
2007 5385 5152 -0.0409229 -29.77 <.0001
2008 7518 7167 -0.0455477 -26.42 <.0001
2009 5625 5414 -0.0290730 -17.93 <.0001
2010 4902 4681 -0.0315479 -22.57 <.0001
2011 5733 5527 -0.0336018 -23.01 <.0001
2012 6828 6572 -0.0324841 -24.66 <.0001
2013 6727 6469 -0.0256261 -22.02 <.0001
2014 1934 1859 -0.0288105 -12.11 <.0001
beat consensus 2001 2 1 -0.0017726 . .
2002 93 88 0.0399165 3.87 0.0002
2003 2434 2324 0.0460118 21.16 <.0001
2004 3638 3468 0.0341562 23.11 <.0001
2005 3343 3173 0.0353568 23.86 <.0001
2006 3633 3447 0.0366106 26.36 <.0001
2007 3651 3476 0.0370392 24.00 <.0001
2008 4514 4241 0.0386112 21.38 <.0001
2009 4324 4124 0.0464362 24.49 <.0001
2010 5837 5524 0.0307590 27.02 <.0001
2011 4850 4602 0.0313495 21.25 <.0001
2012 4485 4258 0.0348499 23.39 <.0001
2013 4243 4066 0.0287937 19.78 <.0001
2014 1072 1030 0.0289059 9.45 <.0001
Match Consensus 2002 193 183 -0.0058938 -0.81 0.4199
2003 5898 5611 0.0057823 5.17 <.0001
2004 7638 7266 -0.000160427 -0.19 0.8510
2005 7767 7356 0.0049093 6.24 <.0001
2006 7780 7390 0.0043200 5.31 <.0001
2007 8306 7860 0.0080441 9.42 <.0001
2008 9538 9057 0.0095128 8.73 <.0001
2009 7882 7491 0.0128382 11.27 <.0001
2010 9534 9026 0.0027056 3.74 0.0002
2011 9301 8892 0.0051716 6.08 <.0001
2012 9707 9271 0.0086958 10.58 <.0001
2013 9965 9561 0.0086726 12.17 <.0001
2014 2343 2257 0.0092936 5.82 <.0001
management guidance 2001 1 1 0.1264150 . .
2002 76 70 0.0122779 1.07 0.2886
2003 1070 1018 -0.0026937 -0.64 0.5194
2004 796 684 0.0017574 0.29 0.7738
2005 639 482 -0.0031710 -0.49 0.6240
2006 519 383 0.0037485 0.60 0.5473
2007 503 381 -0.0179156 -2.88 0.0043
2008 1067 919 0.0010758 0.21 0.8335
2009 1205 1092 0.0199339 3.95 <.0001
2010 1186 1046 0.0084357 2.23 0.0262
2011 969 866 0.0117511 2.72 0.0066
2012 1123 1015 0.0065651 1.82 0.0695
2013 928 845 -0.0017280 -0.50 0.6201
2014 193 184 0.0072252 0.62 0.5371
About shortfall 2002 38 31 -0.0703282 -3.54 0.0013
2003 466 435 -0.0606701 -11.78 <.0001
2004 594 560 -0.0668099 -13.86 <.0001
2005 511 488 -0.0690805 -13.11 <.0001
2006 556 531 -0.0448856 -9.13 <.0001
2007 779 718 -0.0307126 -8.92 <.0001
2008 1559 1443 -0.0394905 -8.77 <.0001
2009 1700 1592 -0.0168855 -4.85 <.0001
2010 1082 1023 -0.0175754 -6.19 <.0001
2011 1128 1055 -0.0319820 -8.85 <.0001
2012 1334 1255 -0.0165181 -4.97 <.0001
2013 1345 1280 -0.0180985 -7.39 <.0001
2014 311 298 -0.0062353 -1.12 0.2631
beat consensus 2002 14 13 0.0150043 0.81 0.4339
2003 298 283 0.0408307 6.61 <.0001
2004 539 504 0.0362392 8.22 <.0001
2005 343 311 0.0544498 8.63 <.0001
2006 325 306 0.0406301 7.50 <.0001
2007 670 600 0.0194624 5.09 <.0001
2008 1383 1272 0.0196394 5.66 <.0001
2009 1174 1103 0.0299431 8.09 <.0001
2010 1674 1568 0.0064988 3.25 0.0012
2011 1554 1476 0.0107790 4.82 <.0001
2012 1695 1595 0.0096230 4.59 <.0001
2013 1738 1620 0.0069875 3.63 0.0003
2014 468 444 0.0139052 4.09 <.0001
Match Consensus 2002 65 65 -0.0101003 -1.27 0.2091
2003 1674 1611 -0.0039667 -1.82 0.0689
2004 2052 1934 0.000114271 0.06 0.9535
2005 1851 1736 -0.0015865 -0.83 0.4081
2006 1746 1636 0.0024591 1.18 0.2376
2007 2444 2333 -0.0021895 -1.27 0.2046
2008 3565 3413 0.0061189 3.08 0.0021
2009 2828 2713 0.0132736 6.26 <.0001
2010 3273 3129 0.0024471 1.87 0.0609
2011 3312 3182 -0.000195038 -0.12 0.9031
2012 3817 3639 0.0010401 0.72 0.4710
2013 4459 4214 0.0020056 1.90 0.0569
2014 1048 999 0.0085496 3.74 0.0002
management guidance 2002 20 17 0.0290775 1.31 0.2091
2003 271 249 0.0190555 1.82 0.0699
2004 303 212 -0.0044855 -0.58 0.5595
2005 216 126 -0.0011805 -0.10 0.9218
2006 360 202 -0.0051174 -0.50 0.6169
2007 358 211 -0.0022476 -0.28 0.7807
2008 759 664 0.0222988 2.98 0.0030
2009 931 831 0.0130307 2.16 0.0309
2010 817 698 -0.0018499 -0.48 0.6299
2011 623 548 0.0037315 0.65 0.5191
2012 631 550 0.000209576 0.04 0.9645
2013 512 476 -0.0033698 -0.81 0.4192
2014 92 83 -0.0050524 -0.63 0.5275
more than beat consensus 2002 4 4 0.0368926 1.09 0.3560
2003 72 67 0.0538153 5.25 <.0001
2004 159 142 0.0262697 3.87 0.0002
2005 95 87 0.0416025 4.54 <.0001
2006 133 119 0.0463969 5.68 <.0001
2007 150 141 0.0437622 4.73 <.0001
2008 229 220 0.0235027 3.17 0.0017
2009 152 140 0.0253444 1.84 0.0674
2010 231 209 0.0323540 5.29 <.0001
2011 180 155 0.0283745 3.94 0.0001
2012 143 130 0.0263124 3.33 0.0011
2013 98 94 0.0161008 1.68 0.0959
2014 24 24 0.0426152 2.43 0.0233
management guidance 2002 4 4 -0.1266227 -3.42 0.0417
2003 215 207 0.0189317 2.39 0.0177
2004 397 346 -0.000699431 -0.10 0.9195
2005 278 216 0.0122012 1.96 0.0510
2006 390 311 -0.0034214 -0.65 0.5149
2007 298 250 0.000548926 0.10 0.9206
2008 409 393 -0.0012864 -0.22 0.8248
2009 235 224 -0.0074171 -1.12 0.2619
2010 314 291 -0.0016423 -0.34 0.7344
2011 368 335 0.0070168 1.07 0.2875
2012 276 238 -0.0021505 -0.41 0.6838
2013 164 150 0.0015027 0.30 0.7684
2014 38 35 0.0064594 0.52 0.6033
at least beat consensus 2002 9 9 0.0358720 0.62 0.5517
2003 142 138 0.0325256 4.00 0.0001
2004 113 110 0.0168656 2.39 0.0186
2005 89 86 0.0559389 3.96 0.0002
2006 79 78 0.0515213 4.61 <.0001
2007 41 41 0.0220988 2.30 0.0265
2008 59 59 0.0499156 4.29 <.0001
2009 55 55 0.0529231 3.54 0.0008
2010 52 51 0.0412977 3.22 0.0022
2011 78 74 0.0343938 2.63 0.0104
2012 62 61 0.0198908 1.68 0.0988
2013 51 51 0.0521835 2.78 0.0076
2014 12 12 0.0561288 1.76 0.1064
management guidance 2002 15 15 -0.0868953 -2.08 0.0565
2003 199 181 -0.0085700 -1.03 0.3031
2004 150 144 -0.0055840 -0.89 0.3739
2005 145 129 -0.000081027 -0.01 0.9883
2006 131 121 -0.0330993 -3.38 0.0010
2007 132 115 -0.0068348 -0.88 0.3797
2008 141 130 -0.0127228 -1.15 0.2503
2009 73 73 -0.0144499 -1.14 0.2583
2010 108 107 -0.0133360 -1.45 0.1503
2011 114 110 -0.0076184 -1.08 0.2814
2012 101 96 -0.0133860 -1.31 0.1919
2013 111 108 -0.0021024 -0.38 0.7049
2014 35 30 0.0513029 2.41 0.0225
high end of shortfall 2003 13 12 0.0100412 0.84 0.4171
2004 14 14 0.0081646 0.37 0.7178
2005 20 20 0.0119601 1.19 0.2503
2006 34 34 0.0106398 0.98 0.3354
2007 22 20 0.0027239 0.18 0.8581
2008 2 2 0.0587175 1.49 0.3767
2009 9 9 -0.0046523 -0.19 0.8528
2010 48 45 0.000150400 0.02 0.9825
2011 32 32 0.0032157 0.32 0.7481
beat consensus 2002 2 1 0.0068577 . .
2003 6 6 0.0291891 2.08 0.0924
2004 8 8 -0.0148976 -0.47 0.6519
2005 7 7 0.0271829 1.01 0.3500
2006 6 6 0.0342082 2.12 0.0878
2007 6 5 -0.0218258 -1.22 0.2907
2009 3 2 0.0304697 0.71 0.6057
2010 9 7 0.0241303 0.91 0.3996
2011 6 6 -0.0049838 -0.30 0.7766
Match Consensus 2002 3 3 0.1060975 2.89 0.1015
2003 75 73 0.0248164 3.03 0.0034
2004 106 103 0.0139907 1.79 0.0765
2005 85 81 0.0303685 3.78 0.0003
2006 111 104 0.0166235 2.19 0.0308
2007 88 87 0.0301313 3.93 0.0002
2008 9 9 0.0824971 2.37 0.0454
2009 38 37 -0.0094550 -0.93 0.3586
2010 124 117 -0.000578011 -0.10 0.9191
2011 101 100 0.0143044 2.55 0.0122
management guidance 2003 4 4 0.0521226 3.08 0.0540
2004 3 3 0.1058329 3.25 0.0831
2005 2 1 -0.0476492 . .
2006 4 3 0.0111695 0.24 0.8294
2007 3 3 0.0873855 0.84 0.4902
2009 1 1 0.0063479 . .
2010 1 1 0.0445301 . .
2011 3 2 0.0083777 0.30 0.8153
low end of shortfall 2003 7 7 -0.0897668 -2.33 0.0583
2004 6 6 -0.1109615 -2.56 0.0510
2005 9 7 -0.0476084 -3.55 0.0121
2006 7 7 -0.0314106 -1.21 0.2724
2007 5 5 -0.0287181 -1.92 0.1266
2010 9 8 -0.0162018 -1.28 0.2419
2011 9 9 -0.0422691 -1.59 0.1497
beat consensus 2003 19 17 -0.0080930 -0.76 0.4558
2004 8 8 -0.0354652 -1.97 0.0891
2005 14 13 -0.0625569 -1.81 0.0955
2006 23 21 -0.0221593 -1.53 0.1423
2007 16 14 -0.0108764 -0.47 0.6469
2009 8 7 -0.0017317 -0.09 0.9276
2010 14 13 -0.0257187 -0.85 0.4095
2011 15 13 -0.0126097 -0.76 0.4623
2012 1 1 0.0588459 . .
Match Consensus 2002 5 5 -0.1003224 -1.52 0.2024
2003 90 89 -0.0164248 -2.62 0.0104
2004 76 75 -0.0220669 -2.52 0.0138
2005 86 83 -0.0384681 -6.32 <.0001
2006 76 75 -0.0322083 -3.99 0.0002
2007 78 73 -0.0268515 -4.29 <.0001
2008 6 6 0.0364370 0.78 0.4725
2009 22 20 0.000622043 0.05 0.9589
2010 79 73 -0.0201271 -2.05 0.0441
2011 67 64 -0.0250826 -2.28 0.0262
2012 1 1 -0.0504291 . .
management guidance 2002 3 2 -0.0659798 -0.91 0.5314
2003 1 1 -0.0210314 . .
2004 1 1 -0.0277601 . .
2005 1 1 -0.0476492 . .
2006 3 1 -0.0619647 . .
2009 7 7 0.0388989 1.79 0.1240
2010 4 4 -0.0269680 -1.05 0.3727
2011 5 5 0.0143403 1.41 0.2303
less than shortfall 2002 2 2 -0.2492690 -2.04 0.2896
2003 44 43 -0.0765933 -3.57 0.0009
2004 53 50 -0.1125855 -5.76 <.0001
2005 24 21 -0.0554584 -2.69 0.0140
2006 51 51 -0.1068403 -6.15 <.0001
2007 43 40 -0.0331670 -1.60 0.1182
2008 63 62 -0.0171928 -0.83 0.4076
2009 120 117 -0.0013854 -0.12 0.9022
2010 42 42 0.0063224 0.45 0.6551
2011 35 34 -0.0407430 -2.16 0.0379
2012 46 44 0.0138384 0.52 0.6063
2013 18 17 -0.0248218 -1.26 0.2251
2014 3 3 0.0969718 1.16 0.3651
management guidance 2002 3 3 -0.0765650 -1.09 0.3896
2003 107 97 -0.0766446 -3.99 0.0001
2004 131 108 -0.0425629 -3.38 0.0010
2005 40 35 -0.0606610 -4.68 <.0001
2006 65 57 0.0145231 0.56 0.5782
2007 63 59 -0.0219022 -1.69 0.0970
2008 109 102 -0.0145118 -1.02 0.3110
2009 198 182 0.0124204 1.34 0.1805
2010 91 87 -0.0026636 -0.28 0.7781
2011 57 53 -0.0248631 -1.83 0.0724
2012 44 41 -0.0102761 -0.60 0.5540
2013 23 22 0.0094842 0.44 0.6610
2014 10 9 -0.0163642 -0.81 0.4417
may exceed management guidance 2003 15 14 0.0630778 1.86 0.0864
2004 27 27 -0.000799239 -0.04 0.9681
2005 20 19 0.0434456 1.60 0.1273
2006 29 27 0.0357082 1.86 0.0739
2007 19 17 -0.0280927 -1.04 0.3143
2008 1 1 0.0649613 . .
2009 1 1 0.1396662 . .
2012 2 2 0.0937953 . .
slightly more than beat consensus 2003 6 6 0.0539462 1.63 0.1648
2004 8 8 0.0275509 0.50 0.6315
2005 6 6 0.0410034 1.09 0.3258
2006 24 23 0.0079798 0.43 0.6738
2007 22 21 0.0421457 1.94 0.0668
2008 21 20 0.0238637 0.88 0.3917
2009 28 28 -0.0135228 -0.48 0.6349
2010 13 13 0.0149574 0.69 0.5051
2011 17 17 0.0170830 0.90 0.3802
2012 11 10 0.0415956 1.60 0.1445
2013 16 15 -0.0312621 -1.51 0.1540
2014 2 2 0.0078805 . .
management guidance 2002 1 1 -0.0192872 . .
2003 19 18 -0.0128414 -0.72 0.4801
2004 35 34 -0.0176605 -1.41 0.1686
2005 22 21 -0.0110827 -0.52 0.6061
2006 48 45 -0.0037229 -0.25 0.8060
2007 37 32 -0.0192581 -1.37 0.1801
2008 31 29 -0.0295155 -1.05 0.3034
2009 25 24 0.0352387 1.29 0.2110
2010 19 18 -0.0060039 -0.28 0.7809
2011 26 25 -0.0110868 -1.15 0.2622
2012 30 30 -0.0024941 -0.21 0.8313
2013 20 20 -0.000417743 -0.02 0.9820
2014 8 8 0.0182488 1.00 0.3502
slightly less than shortfall 2003 10 9 -0.0306437 -2.49 0.0374
2004 11 9 -0.0760783 -2.76 0.0246
2005 14 14 -0.0328376 -2.53 0.0254
2006 16 16 -0.0536728 -2.59 0.0206
2007 17 17 0.0068911 0.31 0.7598
2008 15 14 -0.0451151 -1.61 0.1308
2009 18 18 -0.0358690 -1.57 0.1356
2010 11 9 -0.0033951 -0.18 0.8634
2011 11 11 -0.0489571 -1.95 0.0794
2012 7 7 -0.0046360 -0.30 0.7765
2013 6 6 0.0089643 0.42 0.6949
2014 3 3 0.0538494 1.53 0.2657
management guidance 2003 8 8 0.0106428 0.42 0.6841
2004 17 17 0.0062139 0.47 0.6426
2005 8 8 0.0037419 0.14 0.8948
2006 26 23 -0.0091800 -0.54 0.5973
2007 15 15 0.0177895 0.90 0.3813
2008 20 18 0.0754633 2.68 0.0160
2009 15 15 -0.0081297 -0.79 0.4423
2010 9 9 -0.0057008 -0.63 0.5487
2011 10 10 0.0121850 0.41 0.6882
2012 15 15 -0.0169043 -0.28 0.7871
2013 9 8 0.0281801 1.13 0.2957
2014 3 3 -0.0407768 -1.93 0.1929
comfortable with shortfall 2003 1 1 0.2060227 . .
2004 2 2 -0.0688440 -0.89 0.5354
2005 2 2 0.0950537 8.48 0.0747
2006 5 5 0.0057759 0.67 0.5418
2007 2 2 0.0347266 1.11 0.4663
2008 3 3 0.0195916 0.52 0.6565
beat consensus 2003 7 7 -0.0017051 -0.16 0.8806
2004 1 1 -0.0425753 . .
2005 1 1 0.0180696 . .
2007 2 1 0.5329565 . .
2009 2 2 0.0163971 1.33 0.4112
2010 1 1 -0.0342055 . .
Match Consensus 2002 15 15 0.0074009 0.70 0.4983
2003 227 217 -0.0025939 -0.69 0.4940
2004 105 104 0.0079784 1.49 0.1399
2005 82 82 0.0021527 0.36 0.7166
2006 46 46 0.0105507 1.14 0.2622
2007 39 37 0.0096697 0.95 0.3461
2008 26 26 0.0020553 0.13 0.9006
2009 7 7 0.0503623 1.47 0.1922
2010 4 4 -0.0205029 -2.33 0.1019
2011 1 1 -0.0076378 . .
2013 3 3 -0.0295361 -0.98 0.4309
management guidance 2002 1 1 -0.0498957 . .
2003 3 3 -0.0158470 -1.18 0.3597
2005 1 0 . . .
2006 6 0 . . .
2007 14 8 -0.0700252 -1.64 0.1448
2009 2 2 0.0608127 2.89 0.2122
significantly less than shortfall 2003 1 1 -0.0768066 . .
2004 2 2 0.0055141 16.12 0.0394
2005 15 9 -0.0601718 -3.51 0.0079
2006 8 6 -0.0788691 -0.95 0.3846
2007 3 2 -0.2449272 -1.35 0.4065
2008 2 2 -0.1942644 . .
2011 1 1 -0.2840062 . .
management guidance 2002 1 1 -0.1032307 . .
2003 8 8 -0.0731269 -3.48 0.0103
2004 5 5 -0.1651474 -3.49 0.0251
2005 19 17 -0.0909307 -2.08 0.0535
2006 7 7 -0.0200116 -0.43 0.6841
2008 7 5 0.0080312 0.17 0.8698
2009 1 1 -0.0670754 . .
2011 1 1 0.0755915 . .
2012 2 2 -0.0669766 -2.44 0.2480
significantly more than beat consensus 2003 2 1 0.0609062 . .
2004 3 3 0.0810591 2.35 0.1437
2005 1 1 0.0638046 . .
2006 3 3 0.0566360 1.92 0.1951
2007 1 1 0.0670833 . .
2008 1 1 -0.0176611 . .
management guidance 2002 1 1 0.0202071 . .
2003 9 9 0.0468077 0.86 0.4129
2004 9 9 -0.0225441 -0.83 0.4318
2005 10 8 0.0105702 0.28 0.7906
2006 17 12 0.0286718 1.38 0.1942
2007 2 2 0.0503826 1.21 0.4397
2008 1 1 -0.0317099 . .
2009 2 2 0.2869853 2.57 0.2365
2011 1 1 -0.2840062 . .
2012 1 1 -0.0866493 . .
not to exceed shortfall 2008 9 9 0.0671104 1.18 0.2736
2009 14 14 -0.0171058 -0.58 0.5736
2010 3 3 -0.0103960 -0.42 0.7129
2012 2 1 -0.0937879 . .
management guidance 2007 1 1 0.1570761 . .
2008 4 4 -0.0113196 -0.28 0.7983
2009 40 38 0.0065399 0.23 0.8202
2010 13 13 -0.0146883 -0.74 0.4754
2011 9 9 -0.0396882 -0.96 0.3670
2012 6 6 0.0269567 0.49 0.6436
2013 6 6 0.0235950 0.82 0.4495
2014 1 1 -0.0179100 . .
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