Employing a plausibly exogenous shock that increased the extent to which private information is revealed in debt markets – the implementation of the Trade Reporting and Compliance Engine (TRACE) - we document a change in long-run management earnings forecast policy. We find that managers...

Approximately 90 percent of managers' earnings forecasts are issued simultaneously with their firm's current earnings announcement – a practice referred to as the “bundling” of earnings information. We examine whether managers bias these forecasts conditional on the news conveyed in...

Using a unique, hand-gathered sample of 893 forward-looking voluntary disclosures by 70 proxy contest firms during 1992–2001, we examine whether managers temporarily alter the frequency and tone of their disclosures during proxy contests. Broadly consistent with the corporate control contest...

Using a sample of 264 strategic plan presentations by Milan Stock Exchange firms during 2001-2012, we present evidence of both security price reactions and increases in the accuracy of analysts' earnings forecasts pursuant to plan disclosure. In the cross-section, the information content of the...

The capital market benefits of high quality financial reporting create incentives for managers to signal the quality of their voluntary disclosure practices. Prior research focuses on the relations between observable measures of earnings quality and observable measures of voluntary disclosure...

Research documents that linguistic tone is incrementally informative about stock returns. What remains a puzzle is the mechanism by which investors can assess its credibility. We examine whether contemporaneous information in management earnings forecasts serves as a timely alternative to ex...

Managers often explain their earnings forecasts by linking forecasted performance to their internal actions and the actions of parties external to the firm. These attributions potentially aid investors in the interpretation of management forecasts by confirming known relationships between...

The 1990s were characterized by substantial increases in the performance of and investor reliance on financial analysts. Because managers possess superior private information and issue forecasts to align investors' expectations with their own, we predict that managers increased the quality of...