The relation between product-market competition and voluntary corporate disclosure is fundamental, but empirical evidence of this relation has been mixed. One reason for the mixed evidence could be that both competition and disclosure are multidimensional. In this study we introduce a...

We consider an investor’s choice of conservative reporting, bonus payments, and investment decisions in the presence of the hidden-information agency problem of a manager’s productivity and the hidden-action agency problem of a manager’s diversion of resources. It is important to consider...

We examine the overall and individual analyst performance of 12-month-ahead target price forecasts over the 10-years, 2000-2009. Implied target price-based returns exceed actual returns by an average of 15%, and absolute target price forecast errors average 45%. At the end of the 12-month...

We investigate the implications of recommendation-forecast consistency for the informativeness of stock recommendations and earnings forecasts and the quality of analysts’ earnings forecasts. Stock recommendations and earnings forecasts are often issued simultaneously and evaluated jointly by...