earnings and the accuracy of the guidance, but issuing a forecast is costless for all manager types. Managers are thus able to … ability to the market, while intermediate managers must forecast to separate from low ability managers. Hence, we find that … signal their ability through accuracy in their forecasts. While high ability managers would seem to benefit the most from …

managers' increased incentives not to fall short of earnings expectations. This paper analyzes the voluntary disclosure of a … manager's private information by explicitly considering her incentives to meet or beat an analyst's earnings forecast. The … model predicts that managers who face strong incentives to meet or beat these forecasts more frequently disclose bad news …

in management forecast disclosure driven by school-tie connections weakens the access of firm-specific information for …