We examine the relation between security analysts' annual earnings forecast boldness ("bold analysts") and changes in the inferred flow of earnings-related information from managers of the forecasted firm to bold analysts. We find that unfavorably bold analysts experience an improvement in their...

Political science research finds that individuals exhibit partisan bias, which results in unduly favorable economic expectations when their partisanship aligns with that of the US president. We examine whether partisan bias is present in management earnings forecasts, where CEOs have strong...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>Regulation Fair Disclosure (FD), imposed by the Securities and Exchange Commission in October 2000, was designed to prohibit disclosure of material private information to selected market participants. The informational advantage such select participants gain is unclear. If multiple...

We examine the relationship between security analyst turnover and the relative accuracy of their annual earnings and cash flow forecasts. Controlling for self-selection in an analyst’s decision to issue a cash flow forecast, we find that relatively more accurate earnings and cash flow...