<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>This paper considers the potential for public information disclosures to complement the existing private information of financial analysts. In such a setting, analysts allowed to participate during earnings conference calls by asking questions receive public signals that can facilitate...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>This paper studies the role of conservative accounting standards in alleviating rational yet dysfunctional unobservable earnings manipulation. We show that when accounting numbers serve both the valuation role (in which potential investors use accounting reports to assess a firm's...

In this article I analyze the role of cooperation between firm divisions in the budgeting process. I study a setting in which cooperation is a necessary condition for information sharing among division managers, which in turn benefits the principal. The results in this article can help reconcile...

type="main" <title type="main">ABSTRACT</title> <p>This paper analyzes the effects of public information in a perfect competition trading model populated by asymmetrically informed short-horizon investors with different levels of private information precision. We first show that information asymmetry reduces the amount of...</p>