In this study, we examine whether investors' actions to acquire accounting information are predictive of future firm performance because these actions partially reveal investors' private expectations of this performance. Using a database of EDGAR downloads, we find some evidence that information...

We find that financial statement comparability enhances the ability of current period returns to reflect future earnings, as measured by the future earnings response coefficient (FERC). Thus, comparability improves the informativeness of stock prices and allows investors to better anticipate...

We posit and find that the importance of analyst and forecast characteristics for analyst forecast accuracy varies with analysts' access to management's private information and with the precision of publicly available information. In particular, more experienced analysts and All-Star analysts do...