GUIDANCE REPORTS

This page provides supplementary materials and data summary of the GR sample constructed in Mayew, Pinto & Wu (2025).

Mayew, Pinto & Wu (2025) supplementary materials:

• Click to download supplementary materials 

• The supplementary materials contain the following:

  1. GR and common identifiers:

For the 23,738 Detail Guidance Reports in Mayew, Pinto and Wu (2025), you can download a link table for each GR and the firm identifiers in databases commonly used in accounting research (i.e., Compustat, CRSP, and I/B/E/S)

This link table also summarizes indicator variables for the items that a firm guides for a fiscal year, among the 192 unique guidance items documented by Mayew, Pinto and Wu (2025). We hope this can be helpful for future research.

This link table is provided in both Excel and Stata formats. Explanatory notes are in the "readme" tab of the Excel file.

• 2. GR non-numeric classification:

An explanatory note on the classification of non-numeric guidance in GR.

Mayew, Pinto & Wu (2025) sample construction:

• To construct a GR sample for this study, we obtained the necessary licenses and collected GR for constituent companies of the S&P1500 Index at two points in time. The first data collection was conducted in 2013 for the S&P 1500 Index as of the end of May 2013. The second data collection was conducted in 2022 for the S&P 1500 Index as of the beginning of February 2022, as well as any 2013 S&P 1500 companies that were still in existence as publicly traded as of February 2022. 

• We collected 23,738 Guidance Reports, which represent 1,918 unique firms spanning the fiscal years 2005 through 2021. 

• This results in a final sample of 1,735,241 instances of as-reported corporate issued guidance.