Several recent empirical papers assert that the decision to disclose an earnings forecast shortly before the actual earnings announcement reveals only short-term information and is therefore unlikely to entail proprietary costs. Using a simple dynamic model of voluntary disclosure, we show that...

We examine employees' business outlooks (EBO) from Glassdoor.com, an online job search and employee review platform. We find that EBO and their seasonally adjusted changes are positively associated with one-quarter-ahead analysts' earnings forecast revisions and forecast errors. This former...