This paper examines whether firm managers engage in the expectation management of their current performances through their own forecasts and consecutive adjustments. Expectation management in order to achieve positive surprises by lowering analyst forecast levels has been documented (Bernhardt...

We investigate whether Japan's much touted governance reforms improve its firms' management of cash, economic performance, and valuation. Consistent with an improvement in governance since 2000, Japanese firms hold less cash and increase payouts to shareholders. Improvements in performance are...

The stealth trading hypothesis (Barclay and Warner, 1993) asserts that informed traders break up their orders to conceal their trading interests, predicting that cumulative price changes are associated with orders in small or medium size categories. We revisit this hypothesis by using data from...