We examine the relative accuracy of management and analyst forecasts of annual EPS. We predict and find that analysts' information advantage resides at the macroeconomic level. They provide more accurate earnings forecasts than management when a firm's fortunes move in concert with macroeconomic...

Different from prior studies which discussed the relationship between GAAP and pro forma earnings from the informativeness perspective, this study presents a detailed discussion about the importance of presentation arrangements of pro forma disclosures. The results show that managers are able to...

Financial restatements are costly, but frequent, events and many firms restate several times. This paper asks why rational managers engage in misreporting, in spite of the costly consequences. We present a simple extension to the Fischer and Verrecchia (2000) model, which provides testable...

We examine the prevalence, determinants, and consequences of cheap stock. “Cheap stock” refers to equity-based compensation valued at less than fair value. Cheap stock grants have drawn regulators’ attention, with the SEC frequently commenting on issues related to cheap stock when...

Prior literature shows that financial disclosures and corporate governance both impact firm performance. This paper documents an important topic that has been overlooked in the prior literature, their joint effect, because the two mechanisms could be independent, substitutive, or complementary...

Televised media interviews with public company CEOs occur nearly every trading day. During these interviews, investors observe visual cues in addition to hearing the verbal information managers disclose. Building on findings in the psychology and communications literature, we ask whether...

By extracting detailed birth information for managers of Chinese listed firms from 2011 to 2021, we developed a novel measure of overconfidence and applied it to the corporate information disclosure. Our findings demonstrated a close association between managerial overconfidence and both...

Purpose – The purpose of this paper is to examine the association between earnings management and the gender of the firm's executives.Design/methodology/approach – Panel regressions of discretionary accruals on a set of female executive dummies and firm-specific controls.Findings – The...

Our study investigates, using both theoretical and archival empirical methods, the role of CEO career concerns as a determinant of earnings management behavior. The significance of earnings management in market economies is well documented. Our investigations are motivated by the disconnect...

The purpose of this study is to investigate the difference in the CSR perceived by the actors in the Indonesia economy represented by managers working in state-owned companies (BUMN) and non state-owned companies. The unit of analysis in this study is Indonesian managers. The population of this...