We examine how SEC comment letters asking firms to remove full non-GAAP income statements affect those firms' information environments. Using a difference-in-difference design, we find that the informativeness of non-GAAP earnings and earnings announcements decreases, information asymmetry...

We investigate Regulation FD's (FD) effect on management earnings forecast properties. We posit FD's prohibition on private manager-analyst communication reduces (increases) optimism (pessimism) in management earnings forecasts. Prior to FD, managers could avoid publicly retracting prior...