Prior studies identify several motives for why firms release management earnings forecasts (MFs). A common feature of such studies is they pool MFs when drawing inferences about a specific motive. By ignoring the heterogeneous rationales managers have to issue MFs, pooling could lead to biased...

There is limited empirical evidence on when and why individuals incur costs to acquire information about a firm that is not publicly available, which we refer to as private information acquisition. This lack of evidence is due in large part to the difficulty of observing private information...