We measure managerial affective states during earnings conference calls by analyzing conference call audio files using vocal emotion analysis software. We hypothesize and find that when managers are scrutinized by analysts during conference calls, positive and negative affect displayed by...

This study offers evidence on the earnings forecast bias analysts use to please firm management and the associated benefits they obtain from issuing such biased forecasts in the years prior to Regulation Fair Disclosure. Analysts who issue initial optimistic earnings forecasts followed by...

The relationship between disclosure quality and cost of equity capital is an important topic in today's economy and generally, economic theory and anecdotal evidence suggest a negative association. Empirical work on this link, however, is confronted with major methodological drawbacks - neither...

This paper analyzes how firms use media associative rhetoric in their decisions to enter emergent and uncertain product markets. In our context, this type of rhetoric associates the logics of firm's existing markets with the not-yet-legitimated logics of a newly emerging market. Our panel study...

Forward-looking disclosures are a crucial source of information when valuing a company. We study the effect of forward-looking disclosures on analysts' forecast properties, in particular accuracy and dispersion. Our sample includes all the non-financial firms from Italy, Germany, France and...

Empirical studies do not make a clear distinction between the quantity and quality of disclosure. As it is generally assumed that the quantity of information has an implication in determining its quality, quantity measures are often used as proxy for disclosure quality. Nonetheless the...

This study examines the effect of Regulation Fair Disclosure (FD) on the relevance of company-sponsored conference calls. Measuring relevance by a conference call's ability to improve analyst forecast accuracy and consensus, I find larger improvements in both variables during the period...

This study uses experimental data to compare the information generated by professional and nonprofessional investors when both groups receive access to the same financial disclosures. We also manipulate the disclosure level for both subject groups. Using the method developed by Barron, Kim, Lim...

Lang, Lins and Miller (2002) investigate the relation between cross listing in the U.S. and information intermediation by analysts. The results suggest that cross listing in the U.S. increases analyst following and forecast accuracy and that both variables are associated with Tobin's Q. These...

I examine the role of analysts in providing heterogeneous interpretations of public disclosures, specifically earnings announcements. Consistent with the predictions of Indjejikian's (1991) model, I document that there are relatively more heterogeneous interpretations in the forecast revisions...