Download or read book Good News Versus Bad News Management Forecasts in the Pre-and Post-regulation Fair Disclosure Periods written by Yue Zhang and published by . This book was released on 2009 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study shows that the likelihood of good news management forecasts relative to bad news management forecasts of quarterly earnings increases after the enactment of Regulation Fair Disclosure (Reg FD). This result suggests that Reg FD leads to a significantly greater change in private to public disclosure of good news than of bad news. I also find that compared to the pre-Reg FD period, in the post-Reg FD period, the horizon of good news forecasts is greater than the horizon of bad news forecasts. This result suggests that good news management earnings forecasts are disclosed to the market more quickly than bad news management earnings forecasts. Overall, the study contributes to the literature on the effectiveness of Reg FD and whether managers withhold bad news.