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They added, "This last fact -- that objective measures of guidance and tone are negatively correlated with postquarter private information -- is important.
Kyle also participated in the Nelligan O’Brien Payne LLP First Year Moot Court Competition, returning as a judge in subsequent years.They found that managers favor downplaying, which may be no surprise given that many leaders believe it's better to exceed low expectations rather than stumble when trying to meet higher ones.Yet the reason for executives acting this way may have a deeply personal reason: self-enrichment, the researchers noted."Our central interpretation is that managers intentionally understate their expectations about the next quarter to increase the predictability of stock prices post announcement for their personal advantage," the researchers noted.In 2006, the Securities and Exchange Commission (SEC) notified ACS that they were conducting an informal investigation into certain stock option grants made by the company from October 1998 through March 2005.This was due to the improper and unethical practice of back-dating stock options to specific low points in the stock value.
Kyle Stout is an associate lawyer in the Business Law Group at Nelligan O’Brien Payne LLP.