, one strand reports a positive relation supporting the agency theory, while the other reports a negative relation … contradicting the agency theory. This disagreement may stem from the unobserved determinants of CEOs’ compensation structures. Thus … analysts’ forecast and recommendation metrics. Although it’s in line with the predictions of agency theory, it appears that …

managers' increased incentives not to fall short of earnings expectations. This paper analyzes the voluntary disclosure of a … model predicts that managers who face strong incentives to meet or beat these forecasts more frequently disclose bad news … with less informed managers and may hold even if the manager has strong incentives for high stock prices and meet …