Firms often issue disaggregated earnings forecasts, and prior research reveals benefits to doing so. However, we hypothesize and experimentally find that the benefits of disaggregated forecasts do not necessarily carry over to the time of actual earnings announcements. Rather, disaggregated...

In this paper, the interaction between the investor's knowledge about a manager's information endowment interacts and their ability to gauge the manager's exact information content upon voluntary disclosure is studied. If investors are unable to discern anything beyond the manager's information...

Technological advances are creating a shift in the information disclosure environment allowing more investors to interact with management. We examine three key levels of trader-management interaction to assess the accuracy of traders' market-tested value estimates and resulting market price....

We test whether investors react more strongly to narrative disclosures when the CEO's presence or association with the message is more salient in the disclosure, holding all other information constant. In our first experiment, we manipulate whether a CEO uses more personal pronouns (e.g.,...

Technological advances are creating a shift in the information disclosure environment allowing more investors to interact with management. We examine three key levels of trader-management interaction to assess the accuracy of traders' market-tested value estimates and resulting market price....

We employ a quasi-natural experiment to examine the effect of investor inattention on firms' voluntary disclosure. While prior research focuses on when managers make mandatory disclosures within a given quarter, we examine whether investor inattention influences what managers voluntarily...

Using detailed data of individual investors, this study shows that, on average, individuals invest more in firms with clear and concise financial disclosures. The results indicate this relation is less pronounced for high frequency trading and financially-literate individuals. The study also...

We examine how investor relations officers (IROs) approach disclosure decisions in private meetings with investors. In these settings, IROs face conflicting pressures to maintain a “level playing field” for all investors while also pleasing preferred investors. We experimentally test how...

This paper investigates the role of the business press in creating and disseminating information around earnings announcements by examining different motivations of trading volume. We find that press coverage is positively associated with trading activity motivated by differential interpretation...

We document that firms are 80% more likely to issue non-earnings press releases during the earnings announcement period when delivering extremely negative earnings news. These non-earnings press releases are insufficient to improve negative announcement returns in isolation. However, if the...