Analysts regularly issue ETR forecasts that meaningfully deviate from managers’ voluntary annual effective tax rate … deviate to analyst forecasts that reiterate managers’ ETR forecasts in a firm-year fixed effects regression, I find that …. Analysts are more likely to deviate from managers’ ETR forecasts when they have less firm forecasting experience, issue …

managers' increased incentives not to fall short of earnings expectations. This paper analyzes the voluntary disclosure of a … model predicts that managers who face strong incentives to meet or beat these forecasts more frequently disclose bad news … with less informed managers and may hold even if the manager has strong incentives for high stock prices and meet …