forecasts, this bias tending to be higher in countries with less investor protection. This forecast bias declined significantly …

Citing fear of legal liability as a partial explanation, prior research documents (1) managers' reluctance to … voluntarily disclose management earnings forecasts, and (2) higher forecast disclosure frequencies in periods of bad news. We … provide evidence on how management earnings forecast disclosure differs between the United States (U.S.) and Canada, two …

remaining three quarters, the initial misstatement ndash; generally an overstatement ndash; reflects an optimistic bias that is … not necessarily intentional. Because of the bias, in subsequent periods these firms are more likely to be in a position in … bias. We find results consistent with overconfident executives, who are more likely to exhibit an optimistic bias, being …