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...

In this paper we develop a measure of competition based on management's disclosures in their 10-K filing and find that firms' rates of diminishing marginal returns on new and existing investment vary significantly with our measure. We show that these firm-level disclosures are related to...