The decision-usefulness of the direct versus indirect presentation method of a cash flow statement has been a long-standing issue both in practice and accounting research. By capitalizing on comparative advantages of experimental methods, we provide insights into how investors process the...

In this study, we examine whether buy-side analysts' forecasts are biased when they cover stocks that are held by the mutual fund. Specifically, we conduct an experiment with buy-side analysts and fund managers where we manipulate whether the forecasts are released to colleagues and clients or...