Managers' voluntary disclosure of forward-looking earnings information results in stock prices reflecting that information prior to the fiscal period when the corresponding earnings are announced. We predict that forward-looking management earnings forecasts (MFs) will lead to a weaker relation...

We develop and test explanations for sources of intertemporal variation in the information content of aggregate earnings and how that variation explains variation in the relation between aggregate earnings growth and market returns over time. We find that the correlation between aggregate...

To test hypotheses about earnings management many studies investigate managers' manipulation of real activities (real earnings management, REM). Tests using measures of abnormal REM hinge critically on the measurement of normal real activities. Yet there is no systematic evidence on the...