Article: THE EFFECT OF IMPRESSION MANAGEMENT STRATEGIES ON EARNINGS RELEASE ANNOUNCEMENTS.(Abstract)(Statistical Data Included)

Abstract

This study examines the effect of impression management on the reactions of individual decision-makers in the presence of positive or negative information. In a stock price prediction task void of impression management, inexperienced investors had a more pessimistic expectation for the future stock price when unfavorable financial results were presented than when favorable financial results were presented or when investment experience was present. Predictions were also consistent with the theory of diminishing marginal sensitivity. Impression management in the form of management commentary significantly shifted stock price expectations in the loss domain ...

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