Existing research indicates that firms with high accruals are more likely to experience earnings reversals and lower returns in the future. It has further been shown that analysts and auditors do not anticipate these consequences. In this paper, I examine a sophisticated set of investors (short...

This paper examines the interaction between an analyst's disclosure and a manager's earnings report. We show how the nature of the analyst's information affects the quality of reported earnings. We also provide conditions for the analyst's disclosure to reduce the quality of investor information...

Since 1995, managers of thousands of firms have voluntarily disclosed the expected date of their firm's next quarterly earnings announcement to Thomson Financial Services, Inc. These disclosures are 500 percent more accurate than the simple expectation that this year's announcement date will be...

This paper examines the dynamic behavior of analysts' earnings forecasts over the twelve months preceding annual earnings announcements. We investigate the claim that analysts make optimistic forecasts at the start of the year and then 'walk down' their estimates to a level the firm is likely to...

We show that the intangible asset, firm reputation, has value-relevance as measured by its ability to explain part of the difference between BV and MV. Firm reputation is measured using the Fortune survey of quot;America's most admired companies.quot; We allow the Fortune rankings to serve as a...

Using a database provided by First Call Corporation, we examine the factors influencing whether a firm voluntarily accelerates the mandatory release of actual earnings via a quot;preannouncement.quot; We find that firms are more likely to preannounce earnings if the consensus of analysts'...

This paper examines the relative informativeness of corporate announcements and other information flow to the stock market. I determine the most volatile portions of firm fiscal years, controlling for calendar cyclicality, by exploiting the variation in fiscal year ends. Not surprisingly, the...

Information complexity, which increases with the amount of attentional capacity or mental processing required to use information, is directly related to the cost of using information. I employ a framework from the judgment/decision-making research to provide a link between information complexity...

The main purpose of this study is to investigate whether the likelihood, frequency and information content of conference calls are positively associated with innovation. The study is based on 534 conference calls conducted in 340 firm-years from 1997 to 2001 in Taiwan. Our findings indicate that...

Prior studies document that institutional investors outperform the market. We investigate whether this superior performance is partly derived from institutional investors' use of sell-side analysts' stock recommendations. First, we find that the quarterly change in institutional ownership is...