Abstract

http://ssrn.com/abstract=1245462
 
 

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Explaining the Surprising Performance of Whisper Forecasts of Earnings


Susan M. Machuga


University of Hartford

Karen Teitel


College of the Holy Cross

Ray J. Pfeiffer Jr.


Texas Christian University - Neeley School of Business

July 22, 2008


Abstract:     
Whisper numbers have attracted both popular press and academic interest since at least 1998, when Whispernumbers.com was established. Nearly all academic research to date has focused on the accuracy and representativeness of whispers relative to financial analysts' earnings forecasts and has found that in some circumstances, whisper forecasts are more accurate and/or more closely associated with investors' expectations than are financial analysts' forecasts. In this paper we find that the surprisingly strong performance of whisper forecasts says more about relative weakness in analysts' forecasts in certain contexts than relative strength of whispers.

Number of Pages in PDF File: 57

Keywords: whisper forecasts, analysts forecasts, management forecasts, forecast accuracy, forecast information content

JEL Classification: C12, C23, G14, M41, G29

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Date posted: August 27, 2008  

Suggested Citation

Machuga, Susan M. and Teitel, Karen and Pfeiffer, Ray J., Explaining the Surprising Performance of Whisper Forecasts of Earnings (July 22, 2008). Available at SSRN: http://ssrn.com/abstract=1245462 or http://dx.doi.org/10.2139/ssrn.1245462

Contact Information

Susan M. Machuga
University of Hartford ( email )
200 Bloomfield Avenue
West Hartford, CT 06117
United States
Karen Teitel (Contact Author)
College of the Holy Cross ( email )
1 College Street
Worcester, MA 01610-2395
United States
Ray J. Pfeiffer Jr.
Texas Christian University - Neeley School of Business ( email )
TCU Box 298530
Fort Worth, TX 76129
United States
817-257-6435 (Phone)
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