We exploit a novel feature of management cash flow forecasts (MCFFs) to investigate how managers' discretion over forecast precision, clarity, and verifiability affects the bias, quality, and stock price effects of such forecasts. Many MCFFs are issued with an equivocal definition of the cash...

We describe the challenges of forecasting earnings in a globally interconnected marketplace, and we document inefficient use of information regarding foreign country exposures and expected country GDP growth at the consensus and individual forecast levels. A country's proximity to the US,...

Do accruals-based accounting earnings provide better information to investors about future operating cash flows than operating cash flows themselves, as predicted by FASB's conceptual framework? The most recent evidence (Nallareddy et al., 2020) is that operating cash flows, measured correctly...