This paper deepens our understanding of the anatomy of an earnings conference call. Prior research indicates that, on average, analysts providing bullish stock recommendations or beatable earnings forecasts benefit from greater access to corporate management. Therefore, we analyze whether and to...

Motivated by the structural shift in the relation between inflation and the output gap, we investigate whether the information content of aggregate earnings for inflation and economic growth changes over time. We find that during 1970–2001, aggregate earnings are positively associated with...

We examine whether customer-base concentration has a differential impact on profitability for firms contracting with major government customers versus firms contracting with major corporate customers. We document that firm profitability increases with the concentration of major government...