A coalition of U.S. chief executives, business groups and labor unions wants corporate America to stop providing quarterly earnings guidance to Wall Street in an attempt to limit the influence of hedge funds and other short-term investors on stock prices.
The coalition under the auspices of The Center for Audit Quality, a Washington-based non-profit, nonpartisan group affiliated with the American Institute of Certified Public Accountants, issued a series of recommendations Monday that it hopes will increase pressure on companies and fund managers to focus on long-term objectives rather than short-term fixes.
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