We examine the relation between internal control quality and the accuracy of management guidance. Consistent with managers in firms with ineffective internal controls relying on erroneous internal management reports when forming guidance, we document less accurate guidance among firms reporting...

We propose a measure of managerial ability, based on managers' efficiency in generating revenues, which is available for a large sample of firms and outperforms existing ability measures. We find that our measure is strongly associated with manager fixed effects, and that the stock price...

This paper examines the association between managers’ incorporation of consumer sentiment news in their forecasts and firm performance. We find that firms with revenue forecasts that incorporate U.S. consumer sentiment news to a smaller extent perform worse subsequently. The association is...