Does Corporate Ownership Structure Matter In Market Expectations Adjustment: U.S. Evidence

This thesis is about extending the archival method - expectations adjustment hypothesis, by incorporating agency theory. It examines the relationship between ownership structure and concentration, the identity of the blockholders, and the characteristics of management earnings forecasts, at different level of market expectation deviation. The characteristics of management earnings forecasts investigated are the issuance of forecasts, the precision and the accuracy of the forecasts. This thesis closes the long gap in the literature by presenting some significant findings that have implications for future researchers, market participants, as well as the regulators around the world.