Cash flows are incrementally useful to earnings in security valuation mainly when earnings quality is low. This suggests that when earnings quality decreases, analysts will be more likely to supplement their earnings forecasts with cash flow estimates. Contrary to this prediction, we find that...

We examine whether mood images—cosmetic and information-free graphical elements—in an annual report influence shareholder votes on the say-on-pay (SOP) proposals. Consistent with the cognitive dissonance theory, we find that on average mood images promote heuristic decision making and...