About half of managers' forecasts of annual earnings issued in recent years are updated regularly (i.e., updated every quarter), while only about 10% are not updated. Consistent with the dynamic disclosure theory that anticipation of future updates can affect earlier disclosure choices, we find...

Range forecasts have evolved to be the most common form of management forecasts. Prior studies typically use the midpoint to evaluate analyst reaction to range forecasts, implicitly assuming that analysts place equal weights on the upper and the lower bounds of management range forecasts. We...