Forecast sharing among trading partners lies at the heart of many collaborative and contractual SCM efforts. Even though it has been praised in both academic and practitioner circles for its critical role in increasing demand visibility, some concerns remain: The first one is related to the...

We study return predictability using a model of speculative trading among relatively overconfident competitive traders who agree to disagree about the precision of their private information. Although traders apply Bayes Law consistently, returns are predictable. In addition to trading on...

Prior research generally reports a positive relationship between firm-level accounting earnings surprises and contemporaneous stock prices, indicating that accounting earnings carry value-relevant information. Recent studies, however, show that investors respond negatively to unexpected changes...