' information advantage resides at the macroeconomic level. They provide more accurate earnings forecasts than management when a … predict and find that management's information advantage resides at the firm level. Their forecasts are more accurate than … commonly viewed as industry specialists, we fail to find evidence that analysts have an information advantage over managers at …

, when inside firm owners make it easier for outside investors to obtain inexpensive biased information from the manager …

disclosure before good future earnings growth. We find that the obfuscation (information) component of managerial Fog on a …

management forecasts provides information on managerial talent, which is valued by investors. Next, we examine when management … managers' firm-specific information advantages, while the market premiums from meeting or beating analyst forecasts are … positively associated with analysts' macro-level information advantages …

reporting bias. In our model, the observed cost of a restatement conveys information to the manager about the true reputation …

In this paper, we evaluate the effect of managerial entrenchment on corporate information production using the voting … find that a reduction in managerial entrenchment enhances corporate information production. The effects are stronger for … firms with greater information asymmetries and severer agency frictions. Overall, the evidence is consistent with the view …

surprise, refuting an alternative explanation that insiders simply trade on private information about corporate performance …

the performance measure and its similarity (congruity, congruence) to the benefit of the manager's employer. A necessary …

the performance measure and its similarity (congruity, congruence) to the benefit of the manager’s employer. A necessary …