We show that managers increase the volume of public financial guidance in response to decreases in analyst coverage of their firms. This result is driven by the post-Regulation Fair Disclosure period, and is stronger for firms with higher sales growth and firms with lower resulting levels of...

We show that managers increase the volume of public financial guidance in response to decreases in analyst coverage of their firms, particularly to decreases that are driven by exogenous reduction in brokerage firm size. Managers do not respond to increases in analyst coverage. The managerial...