The case explores Google's communication strategy with Wall Street analysts. In particular, the case focuses on Google's commitment to a no-guidance policy and provides an overview of guidance practice among major U.S. companies.Learning Objective:The case provides a platform to discuss the...

We examine the effect of cultural heterogeneity on corporate disclosure time orientation and its capital market consequences. To measure firms' and investors' cultural time orientation, we use their home country's long-term orientation (LTO) and the dominant language future time reference (FTR)....

We document negative stock returns and elevated trading volumes around executives' early option exercise disclosures post-SOX but not pre-SOX. This stock price reaction is incomplete, and the negative stock price drift is smaller post-SOX compared to pre-SOX. We also show effects of media...