Does earnings guidance affect stock market reactions to management cash flow forecasts?�

This study will investigate whether market reacts differently to management cash flow forecasts (MCFFs) surprise conditional on the nature of earnings guidance (good versus bad), and whether the reactions differ for different type of MCFFs (operation cash flow, free cash flow, and other type of cash flows ). Results from this study is important because it can help managers to understand the capital market effects of cash flow forecasts given the news in management earnings guidance, and whether the effects differ for different type of MCFFs.