Prior research finds that mandatory risk factor disclosures are informative in that they increase investors' assessments of the volatility of a firm's cash flows. However, the literature is silent as to whether these disclosures provide information about the level of future cash flows and,...

We revisit the predictive ability of dividend changes for firms’ future earnings and extend the literature by examining the effect of management forecasting ability. Although prior studies have examined the relationship between dividend changes and future earnings, the empirical evidence is...

This study investigates how discretionary accruals affect earnings valuation (or price-earnings multiples) to provide indirect evidence on whether managers use their discretion over accruals to communicate their private information or to obtain private benefits. The results indicate that...