Theory suggests that the informativeness of price at the time of an earnings announcement increases with the number of …; Kim and Verrecchia 1994). In this paper, we investigate how informed traders' activities during an earnings announcement … affect the stock price and trading volume reactions to the earnings announcement. We use the number of analyst forecasts …

This study proposes and tests an alternative to the extant earnings management explanation for zero and small positive … earnings surprises (i.e., analyst forecast errors). We argue that analysts' ability to strategically induce slight pessimism in … earnings forecasts varies with the precision of their information. Accordingly, we predict that the probability that a firm …

-side analysts to obtain an earnings preview before the earnings' official release. We examine the unique impact of the guidelines on …, stock return volatility around earnings releases increased, suggesting that the regulation improved the information flow. We … also find that the guidelines did not impact the accuracy of analysts' earnings forecasts. We provide evidence that no …