An advisor post is one of the most important CEO's post-retirement careers. Using unique hand-collected data on advisor posts in Japanese listed firms, we examine whether retiring CEOs overstate earnings to acquire an advisor post. Consistent with the horizon problem, we find that earnings...

Following Demerjian, Lev, and McVay (2012), we quantify managerial ability using a sample of Japanese listed firms for the period 2005-2015. Consistent with Demerjian et al.'s findings, we find that the estimated managerial ability is strongly correlated with manager-fixed effects. Further, we...

We revisit the predictive ability of dividend changes for firms’ future earnings and extend the literature by examining the effect of management forecasting ability. Although prior studies have examined the relationship between dividend changes and future earnings, the empirical evidence is...