We first examine whether analysts with certain characteristics that prior research has identified are related to superior forecasting ability systematically time their forecast revisions later in the fiscal quarter. We then examine whether this superior ability persists after controlling for...

We first examine whether analysts with certain characteristics that prior research has identified are related to superior forecasting ability systematically time their forecast revisions later in the fiscal quarter. We then examine whether this superior ability persists after controlling for...

Theory suggests that the informativeness of price at the time of an earnings announcement increases with the number of informed traders who possess superior information to process news from firm disclosures (Kyle 1985; Admati and Pfleiderer 1988; Kim and Verrecchia 1994). In this paper, we investigate...

We investigate the relation between societal trust and managers' decisions to voluntarily issue earnings forecasts. We reason that managers are more (less) likely to issue earnings forecasts in high-trust (low-trust) countries because these voluntary disclosures are viewed by investors as a...