An important element of a firm's disclosure strategy is the timing of its mandatory public announcements. In this article, two aspects of disclosure timing are examined. The first is the intraday timing of earnings accouncements. It is demonstrated here that, under reasonable conditions, market...

The use of analyst forecasts as proxies for investors' earnings expectations is commonplace in empirical research. An implicit assumption behind their use is that they reflect analysts' private information in an unbiased manner. As demonstrated here, this assumption is not necessarily valid....