University Research
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Academic department
Department of Finance
Description
We examine how different types of bundled managerial guidance affect uncertainty levels around earnings announcements. To measure changes in uncertainty, we use both changes in implied volatilities and methods that decompose the implied volatility term structure. Unlike prior studies, we find little evidence that earnings guidance is associated with investor uncertainty. Our results instead indicate that other forms of bundled guidance are associated with lower uncertainty levels. Revenue, capital expenditure, and earnings before interest, taxes, depreciation, and amortization guidance are strongly associated with reductions in investor uncertainty, even when firms provide earnings guidance.
Publisher name
Elsevier
Grant Information
N/A
Data Management
N/A
Document Type
Article
Digital Object Identifier (DOI) Link
https://doi.org/10.1016/j.frl.2026.109632
Publication Date
3-1-2026
Publication Title
Finance Research Letters
Volume
93
Recommended Citation
Neururer, Thaddeus and Papadakis, George, "Bundled guidance types and changes in expected volatility" (2026). University Research. 57.
https://ideaexchange.uakron.edu/university_research/57
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License