To read more about how GR can be used for accounting research, our paper introducing and utilizing the data is available on SSRN:  

• Mayew, William J. and Pinto, Jedson and Wu, Xiaoxi, On the Usefulness of Guidance Reports (2024). Available here: link

Abstract:

Scholars commonly measure corporate guidance in large samples using either the I/B/E/S Guidance (IG) database or by deriving guidance from forward-looking statements (FLS) in corporate disclosures. Prior research notes that IG often fails to capture some firm guidance, whereas the FLS methodology often struggles to correctly identify specific guidance instances at the sentence level. We introduce LSEG Guidance Reports (GR) as a way to better operationalize firm guidance. We analyze more than 23,000 GR that contain 1.7 million guidance instances across 192 topics. We find that this measure of guidance far surpasses IG's coverage, of 261 thousand guidance instances across 13 topics, for the same firm-years. We then contrast GR with guidance using the FLS methodology. We identify guidance topics that impact analyst earnings forecast accuracy but that prior research using the FLS methodology was unable to identify. Finally, we study analyst perceptions of firm guidance by documenting associations between analyst perceptions of investor relations quality and forms of guidance. We find that analysts value quantitative financial guidance, which assists in valuation modeling, and qualitative nonfinancial guidance, which elucidates their investment theses. These insights into analyst perceptions are not obtainable using IG or the FLS methodology.

Mayew, Pinto & Wu (2024) 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 (2024), 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 (2024). 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.