We find that analysts are more likely to provide cash flow forecasts in countries with weak investor protection. This finding is consistent with our hypothesis that market participants demand (and analysts supply) cash flow information when weak investor protection results in earnings that are...

Landsman and Maydew (2002) document that the information content of earnings announcements has increased over the past three decades, and Francis, Schipper, and Vincent (2002) conclude that expanded concurrent disclosures in firms' earnings announcements, especially the inclusion of detailed...