This study examines whether firms’ political activism induces bias in the media’s coverage of earnings announcements and how such coverage impacts markets. We infer firm political ideology based on employee political contributions, and identify firm and manager characteristics associated...

We investigate the relation between media coverage and the trading behavior of short sellers around earnings announcements, an event which garners significant market attention. Prior research finds conflicting evidence on the role of the media in the price discovery process. We find that short...

We examine whether financial analysts strategically time the announcement of their recommendation revisions consistent with their incentives to maintain relations with management. We provide evidence that investor and media attention to recommendation revisions is reduced on weekends, which...

Firm management typically claims that voluntary accounting method changes (VACs) are made to enhance the informativeness of earnings by better matching accounting practices with economic reality. In contrast, skeptics argue that managers adopt new accounting procedures to opportunistically...

We examine whether financial analysts strategically time the announcement of their recommendation revisions consistent with their incentives to maintain relations with management. We provide evidence that investor and media attention to recommendation revisions is reduced on weekends, which...

We survey a broad group of professionals who use financial statements as part of their job to assess the extent to which they believe financial reports suffer from disclosure overload. Consistent with the claims made by regulators, auditors, and preparers, we find that a significant portion of...

This study examines the determinants of financial analyst coverage in the business press and the effects of such coverage on analysts' careers. Using a sample of business press articles that quote a financial analyst, we compare each cited analyst with the other analysts who were actively...

This paper examines whether two qualitative attributes of financial analysts' reports, detail and tone, are significant in explaining how the market responds to analysts' reports, after controlling for the information contained in the reports' quantitative summary measures. Report detail is...

This paper provides evidence on the net stock price effects associated with managers following a disclosure strategy of guiding earnings down to a level where they can report a positive earnings surprise. Prior literature documents a stock price premium when firms meet or beat analysts'...

Berkman, Dimitrov, Jain, Koch, and Tice (2009) document a negative relation between differences of opinion and earnings announcement returns, and this relation is more pronounced when short sale constraints are likely to be high. These findings are interpreted as support for the theory in Miller...