This study constructs a novel measure that aims to capture face-to-face private communications between firm managers and sell-side analysts by mapping detailed, large-volume taxi trip records from New York City to the GPS coordinates of companies and brokerages. Consistent with earnings releases...

Using an international sample, I investigate whether the extent of firms' disclosure of their accounting policies in the annual report is associated with properties of analysts' earnings forecasts. Controlling for firm - and country - level variables, I find that the level of accounting policy...

Using a sample from 22 countries, I investigate the relations between the accuracy of analysts' earnings forecasts and the level of annual report disclosure; and between forecast accuracy and the degree of enforcement of accounting standards. I document that firm-level disclosures are positively...

Prior analyst literature focuses on the impact of financial analysts on the firms they cover, and prior information-transfer literature concentrates on the externalities of information provided by management. This paper fills gaps in both streams of literature by examining the focal firm's...

We investigate the effects of the introduction of Statement of Financial Accounting Standards No. 131 (SFAS 131) on the market's valuation of foreign earnings. Thomas (1999) documents that investors discount the value of foreign earnings for U.S. multinational companies. He conjectures but does...

This paper systematically studies analysts' notes, an important form of analyst disclosure not previously studied in the literature. Analyst notes are written disclosures that represent a product of sell-side analysts' daily effort and provide a vehicle for analysts to communicate their...

Employing the SEC Tick Size Pilot Program that increases the minimum trading unit of a set of randomly selected small-capitalization stocks, we examine whether and how an exogenous change in stock liquidity affects corporate voluntary disclosure. Using difference-in-differences analyses with...

In this paper, we examine investors' valuation of the domestic and foreign components of total earnings after controlling for information beyond current earnings. Our sample consists of U.S. multinationals during the 1985-2002 period. In a prior study, Bodnar and Weintrop (1997) find that...

Researchers have long been interested in studying firms' disclosure practices and what factors shape these practices. Accounting research has traditionally been interested in the role culture plays in a variety of financial reporting settings, including financial disclosure. Recent literature...

Until 1998, UK accounting standards allowed firms to write off goodwill directly against shareholders' equity, bypassing the income statement altogether. Many critics contended that this accounting practice allowed firms to inflate profits in the post-acquisition period by taking unwarranted...