Managers' voluntary disclosure of forward-looking earnings information results in stock prices reflecting that information prior to the fiscal period when the corresponding earnings are announced. We predict that forward-looking management earnings forecasts (MFs) will lead to a weaker relation...

We develop and test explanations for sources of intertemporal variation in the information content of aggregate earnings and how that variation explains variation in the relation between aggregate earnings growth and market returns over time. We find that the correlation between aggregate...

This study examines whether firm-level earnings announcements aggregated on a given trading day are a timely, incremental source of macroeconomic information relative to numerous competing sources of regularly-released macroeconomic information. Using an exponential GARCH model for both the...

To provide evidence on the role macroeconomic uncertainty plays in managers' decision to issue management earnings forecasts (MFs) this study develops and tests hypotheses about how such uncertainty affects the issuance and characteristics of MFs. Macroeconomic uncertainty is measured using the...