have practical implications for firms and managers developing communication strategies for new disclosure mediums like …

This paper examines the predictive power of investment managers' sentiment revealed in their letters to shareholders … for their future performance, using closed-end funds (CEFs) as a laboratory. We find that pessimistic tone in managers … managers exert more effort when they feel at a loss relative to their reference points …

Trueman (1986) theorizes that managers voluntarily issue earnings forecasts to signal their ability. Consistent with …

Boards of directors play their role in corporate governance by advising and/or monitoring managers. In the corporate … managers, suggesting a distinct advising role of DRIs. Our study highlights directors' role as information suppliers and …