We investigate whether managers cater to different incentives of shareholders and debtholders by choosing priorities among alternative earnings targets. Building upon an economic intuition that managers selectively allocate resources to meet the needs of a dominant stakeholder class, we posit...

We study the interplay between information acquisition and information integration by examining two aspects of information integration—information interpretation and information updating. Using EDGAR search volume following 10-K/10-Q filing dates as a proxy for information acquisition, we find...

We examine managers’ responses to the divergent emphases of debtholders and shareholders as evidenced in analyst-based benchmark beating behavior. Using both levels and changes in the composition of debt and equity, we find that firms with high debt-to-equity intensity are less likely to meet...