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Using a sample of 9,898 firm-year observations from 1,821 unique Chinese listed firms over the period from 2004 to 2019, this study aims to investigate whether the market rewards meeting or beating analyst earnings expectations (MBE).

The authors use an event study methodology to capture market reactions to MBE.

The authors document a stock return premium for beating analyst forecasts by a wide margin. However, there is no stock return premium for firms that meet or just beat analyst forecasts, suggesting that the market is skeptical of earnings management by these firms. This market underreaction is more pronounced for firms with weak external monitoring. Further analysis shows that meeting or just beating analyst forecasts is indicative of superior future financial performance. The authors do not find firms using earnings management to meet or just beat analyst forecasts.

The authors provide evidence of market underreaction to meeting or just beating analyst forecasts, with the market's over-skepticism of earnings management being a plausible mechanism for this phenomenon.

The findings of this study are informative to researchers, market participants and regulators concerned about the impact of analysts and earnings management and interested in detecting and constraining managers' earnings management.

The authors provide new insights into how the market reacts to MBE by showing that the market appears to focus on using meeting or just beating analyst forecasts as an indicator of earnings management, while it does not detect managed MBE. Meeting or just beating analyst forecasts is commonly used as a proxy for earnings management in the literature. However, the findings suggest that it is a noisy proxy for earnings management.

Sport is an important economic activity, and understanding the role of teams and managers is necessary, yet managers – specifically their brand personas – have been the subject of limited research. The purpose of this research is to explore the brand persona of a football manager, using Arsène Wenger as a case.

Due to the exploratory nature of the study, qualitative methods were used to explore the brand-building activity. Media reports and images that centred on Arsène Wenger's words covering a three-year period were analysed. In total, 1364 articles and 23 images were analysed in NVivo, using both a priori and emergent codes.

The findings show the construction of the brand persona in three main dimensions pertinent to his role as a manager. The first is the performance in the managerial role in which Arsène Wenger is appointed, the second is associated with the person (including emotions and self-expression) and the third is the context (i.e. football) in which the manager operates.

The research focused on one manager while he was managing a premier league club and is limited to England.

While proposing a theoretical model, this study proposes football clubs understand a manager's persona in relation to the club's brand and the interactive effect. The support of the club on the persona is also indicated.

Football managers have received some research attention, but there has been no analysis of their brand personas. This study expands the understanding of the contribution of the manager to the club brand.