We investigate how internal information asymmetry affects subordinate managers’ engagement in answering investor questions at interactive disclosure venues. We find that subordinates’ engagement is greater when internal information asymmetry is higher. Additionally, we find that the relation...

We investigate whether information possessed by rank-and-file employees is incorporated in top managers' expectations and decisions. Using employees' predictions of their company's business outlook from Glassdoor.com to measure the employees' information set, and using management earnings...

We use employee predictions of their companies' six-month business outlook from Glassdoor.com to assess the information content of employee social media disclosures. We find that average employee outlook is incrementally informative in predicting future operating performance. Its information...

We explore whether managers’ strong desire for good performance distorts their expectations and, consequently, corporate investment efficiency. We find that managers overweight favorable information and underweight unfavorable information, resulting in optimistic earnings guidance. We...