Research documents that linguistic tone is incrementally informative about stock returns. What remains a puzzle is the mechanism by which investors can assess its credibility. We examine whether contemporaneous information in management earnings forecasts serves as a timely alternative to ex...

Approximately 90 percent of managers' earnings forecasts are issued simultaneously with their firm's current earnings announcement – a practice referred to as the “bundling” of earnings information. We examine whether managers bias these forecasts conditional on the news conveyed in...

Employing a plausibly exogenous shock that increased the extent to which private information is revealed in debt markets – the implementation of the Trade Reporting and Compliance Engine (TRACE) - we document a change in long-run management earnings forecast policy. We find that managers...

Citing fear of legal liability as a partial explanation, prior research documents (1) managers' reluctance to voluntarily disclose management earnings forecasts, and (2) higher forecast disclosure frequencies in periods of bad news. We provide evidence on how management earnings forecast...