In this paper we model return-earnings regressions in a setting in which analysts' forecasts are used to proxy for investors' expectations. We show how disparites between investors' and analysts' information sets could affect the regression coefficients and the R2. Our findings provide new and...

This study provides evidence regarding the effects of online trading on stock market reactions to quarterly earnings announcements. We test for differences in stock price and volume reactions to quarterly earnings announcements between a period with a significant amount of online trading...

Growing calls for expanded disclosure on managerial stewardship raise important questions about how finer (i.e., disaggregated) reporting, when paired with discretion over classification, will influence managerial behavior. To study this question, we develop an investment game in which, if the...

This study provides empirical evidence on factors that drive differential interpretation of earnings announcements. We document that Kandel and Pearson's forecast measures of differential interpretation are decreasing in proxies for earnings quality and pre-announcement information quality. This...