Do management forecasts of earnings affect stock prices in Japan

The authors are both Associate Professors, Graduate School of Business, Uris Hall, Columbia University, New York, NY 10027. We are grateful to Jim Haggard for significant programming assistance, and to The Center on Japanese Economy and Business at Columbia University for their financial assistance in obtaining the data. We also acknowledge the cooperation provided by Nihon Keizai Shimbun, in particular H. Tanaka and J. Uno for hours of conversation with invaluable wisdom.

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