We examine the strategic role of information transmission in a repeated principal-agent relationship where the agent produces information that is useful to the principal. The agent values continuous employment for the principal because he makes a relationship-specific investment that can yield...

This paper analyzes the impact of Regulation FD on the accuracy and dispersion of earnings forecasts made by sell-side equity analysts. Using a large sample of forecasts made over a nearly ten-year period surrounding FD's adoption, we uncover two main sets of findings. First, earnings forecasts...