Open conference calls reveal important information because of their forward-looking discussion, interactive nature, and easy accessibility. Using Bloomberg data, we investigate why firms hold earnings conference calls at different times of the day and how the stock market interprets and reacts...

We examine the long-run performance of over 17,000 debt renegotiations. We find that, compared with non-renegotiating firms matched on size, book-to-market, profitability, and investment, renegotiating firms, on average, deliver 11 (19) percent higher stock returns over the three (five) years...

By issuing earnings forecasts for both current and future years simultaneously, managers provide the multi-year data required for many valuation models and help investors sort out transitory and permanent shocks. We find that firms that are overpriced and have more transitory earnings tend to...

I examine the effect of strategic competition on management sales forecast bias. Strategic complement firms react to a rival’s action by moving in the same direction (e.g., increasing their own sales in response to a rival’s sales increase). Strategic substitute firms react to a rival’s...

Purpose Private retail and brand-driven sustainable procurement standards are influencing global agri-food markets, shifting trade and export priorities and reshaping food supply chains. Using the case of Australian beef, the authors construct and evaluate three procurement activity...