Fund trades and prices vary systematically with the quarterly reporting cycle. Funds are more likely to complete the building of a position at quarter-end, which is when most funds report positions to investors, and begin building new positions afterwards. While some of the observed shift in...

We document managers' strategically disclose the ratio of orders received to orders fulfilled (book-to-bill), when it conveys positive news. First, we find managers disclose book-to-bill more frequently when unexpected future earnings are higher. Second, because the ratio is interpretable as the...