BERGMAN, NITTAI K.; ROYCHOWDHURY, SUGATA - In: Journal of Accounting Research 46 (2008) 5, pp. 1057-1083
<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>This paper investigates how firms react strategically to investor sentiment via their disclosure policies in an attempt to influence the sentiment-induced biases in expectations. Proxying for sentiment using the Michigan Consumer Confidence Index, we show that during low-sentiment...