The corporate information environment develops endogenously as a consequence of information asymmetries and agency problems between investors, entrepreneurs, and managers. We provide a framework for analyzing the three main decisions that shape the corporate information environment in a capital...

We examine the effects of analysts' celebrity on investor reaction to earnings forecast revisions. We measure celebrity as the quantity of media coverage analysts receive in sources included in the Dow Jones Interactive database, and find that media coverage is positively related to investor...

We examine the disclosure strategies managers follow when they quot;preannouncequot; quarterly earnings shortly before formal earnings announcements. We document that managers with bad news release essentially all of their news at the preannouncement date, while managers with good news only...

We investigate the extent to which market participants use compensation payouts released in the DEF 14A proxy statement (DEF14A) to assess future firm performance by examining sell-side analysts' earnings forecasts. Consistent with prior work, we confirm that CEO compensation unexplained by...

We examine whether politically active firms play a role in disseminating political information via their management guidance. We use multiple proxies based on campaign financing activity or the presence of a government affairs office to capture whether a firm is politically active. We find that...

In this study we examine differences between sophisticated and unsophisticated investors' incorporation of information about the accuracy of sell-side analysts' revisions of quarterly earnings forecasts. Our results indicate that sophisticated investors' weights on information cues associated...

Abnormal stock returns measured over intervals of less than a year exhibit positive serial correlation, or returns momentum, while returns measured over longer periods exhibit negative serial correlation, or returns reversals. This paper examines if patterns in earnings surprises, together with...

This paper investigates whether sophisticated investors rely more on analyst forecasts than on time-series model forecasts in forming expected earnings. Specifically, I investigate if earnings-announcement-related returns are more closely associated with analyst (SRW) forecasts for firms for...