Firms along the supply chain rely on both public disclosures and private information exchanges to develop forecasts about future performance. In this paper, we examine how a firm’s public and private channels of information sharing with its trading partners affect information spillovers along...

This study examines how private firms’ disclosures create information externalities for public firms’ information environment. Exploiting a setting with varying importance of private firms’ financial information, we document that public firms’ forecasted earnings are less accurate and...