This study examines the unintended effects of a pre-Reg FD practice that gave a broad group of sophisticated market participants 15-minute earlier access to all corporate press releases than the general public. We find that this priority dissemination practice contributed to 22 percent of the...

Using unique data that track the Federal Reserve's direct access of SEC filings, we provide evidence that accounting disclosures are associated with the Fed's economic forecasts and, by extension, its monetary policy. We find that the Fed's access of SEC filings reflects economic trends as well...

We exploit a novel feature of management cash flow forecasts (MCFFs) to investigate how managers' discretion over forecast precision, clarity, and verifiability affects the bias, quality, and stock price effects of such forecasts. Many MCFFs are issued with an equivocal definition of the cash...

Prior research on strategic corporate disclosure in good times versus bad often produces divergent inferences when focusing on selected channels and different disclosure windows. In this paper, we instead study a comprehensive set of corporate disclosure channels over the annual disclosure...