How do changes to stock price informativeness affect the mix of long-term and short-term pay? We answer this question using two exogenous shocks to price informativeness: the reduction in analyst coverage due to closure of brokerage houses and mutual-fund flow driven price pressure. Using the...

We examine the implications of hypothetical disclosure in conference calls for firms' future financial performance and stock returns. Managers may use hypothetical disclosure in earnings calls to provide valuable forward-looking information regarding the firm's performance. Alternatively,...