Analysts' forecasts of revenue and how they compare to reported revenues is now a standard part of financial analysis surrounding earnings releases for internet firms. In this paper, we examine the characteristics and relative information content of revenue and earnings news for such firms...

Public information that becomes available after a manager’s initial voluntary disclosure decision creates incentives for her to reconsider and possibly change that decision. We show that if she has private information that is value relevant or that impacts the firms ability to compete in its...

Since 1995, managers of thousands of firms have voluntarily disclosed the expected date of their firm's next quarterly earnings announcement to Thomson Financial Services, Inc. These disclosures are 500 percent more accurate than the simple expectation that this year's announcement date will be...

We ask whether the history of interactions between a firm and its analysts affects management's quarterly earnings forecast decision and analysts' subsequent earnings estimate revisions. We show that the history of their interactions not only reflects their individual incentives but is also used...

The purpose of the paper is to examine how public information releases affect investors' decisions to acquire and trade on private information about the value of a firm. We develop a model of a stock exchange in which specialist/dealers compete by setting prices and traders with private...

We show that under the legal definition of materiality, the manager's financial or ESG report usually does not fully reveal her private information forcing liquidity providers to incorporate asymmetric information costs into prices and creating opportunities to finance negative NPV projects. The...