A study on rumors preceding management forecast

This study focuses on rumors around management forecasts, investigating the changes in rumor occurrence and the factors influencing rumor spread. This paper finds that probabilities of both bullish and bearish rumors preceding the management forecast period significantly increase, and the positive correlation is positively moderated by the degree of information asymmetry and the market manipulation motives of stakeholders. The findings reveal that pre-forecast periods often provide opportunities for rumors to spread, and market manipulation motives of stakeholders serve as a crucial mechanism behind rumor dissemination.