Prior studies attribute analysts' forecast superiority over time-series forecasting models to their access to a large set of firm, industry, and macroeconomic information (an information advantage), which they use to update their forecasts on a daily, weekly or monthly basis (a timing...

We develop and test measures of the horizon of firm uncertainty and of the horizon of managers' corporate disclosures. The measures exploit information in the term structure of implied equity volatilities to gauge the relative extent to which the information underlying securities prices reflects...