Extant research suggests CEOs prefer communication channels that reach more stakeholders in a timely fashion. In recent times, however, a growing number of CEOs are appearing on podcasts, which are arguably less timely and reach smaller audiences. We examine why CEOs allocate their time, a...

We document that a significant proportion of the tendency for firms to beat expectations arises because of shares outstanding forecasts. Firms are ten percent more likely to meet or beat analysts’ EPS forecasts than their unscaled earnings forecasts. We infer analyst share forecasts by...

Stock exchanges are important intermediaries in how firm information enters price. Trading halts are a key tool, often exercised at the exchanges’ discretion, to prevent extraordinary price volatility when new information arrives. We investigate how exchanges use discretion and whether the...

While decades of research focuses on the effectiveness of public enforcement and managers' incentives for financial misreporting, little is known about how the SEC selects targets for investigation. Using a new database of formal SEC investigations, we triangulate the determinants of SEC...

We examine the disclosure choices managers make when initial forecasts become materially inaccurate. Despite earnings deviations being material, a number of firms fail to update the market with a new guidance number, either by withdrawing or not updating the initial forecast. Further, even when...

Stock exchanges are important intermediaries in how firm information enters price. Trading halts are a key tool, often exercised at the exchanges' discretion, to prevent extraordinary price volatility when new information arrives. However, the decision making behind the halt remains a...

While accounting research has extensively examined initial guidance disclosures, the disclosures managers make when initial forecasts become materially inaccurate have received much less attention. These updates are unique because managers are communicating that their initial forecasts are no...

Research suggests that greater earnings disaggregation in financial statements leads to favorable market outcomes. This perspective is based on a presumption that the disaggregation separates earnings components with heterogeneous characteristics. We hypothesize that the disaggregation of...