Some CEOs decide voluntarily to issue a warning when they expect a negative earnings surprise. Prior research suggests that warnings contain incremental information beyond actual earnings; warning firms tend to experience permanent earnings decreases. This paper investigates whether compensation...

This paper provides empirical evidence on whether the earnings fixation hypothesis can explain the accrual anomaly originally documented in Sloan (1996). Our analytical model yields the prediction that if investors fixate on reported earnings, the effectiveness of the accrual strategy will...

This article investigates managerial career progress in a major Japanese multinational corporation over a 23-year period. We contrast our one-stage model of career progress, in which early career experiences can predict long-term career progress, with the well-accepted two-stage model of career...