We document that the effect of Regulation Fair Disclosure (FD) on public management earnings forecasts (MFs) is asymmetric. Our results suggest FD increased managers' use of MFs as a downward guidance mechanism to help achieve meeting or beating earnings expectations. This effect is more...

We examine how Regulation FD changed analysts' reliance on firms' public disclosure. Regulation FD is associated with a stronger analyst response to earnings announcements, management forecasts and conference calls – that is, analysts respond to these events more quickly, more frequently and...

This paper provides evidence that firms that have consistently met or beaten analysts' earnings expectations (MBE) provide more frequent “bad news” management forecasts than firms with no established string of MBE, particularly when existing analyst forecasts are optimistic. This suggests...