We examine the impact of financial restatements on managers' subsequent earnings forecasts. We argue that restatements …, rather than increasing voluntary disclosure in the form of forecasts, managers of restatement companies exhibit risk …

-year-ahead EPS forecast for the target firm when it follows the strategy of preannouncing 50 percent of the total earnings surprise … preannouncements of peer firms must be considered in any such analyses. These findings have important implications for managers who …

, our results are more intuitive. We find that, when faced with ex ante litigation risk, managers with bad news are more … likely to issue an earnings warning. For good news firms, we do not see this effect. We also examine three forecast … characteristics: forecast horizon, amount of news revealed, and forecast precision. Firms with higher litigation risk tend to issue …

when analysts forecast negative or large changes in EPS. We also compare the accuracy of a third forecast of longer …

We correlate analysts' forecast errors with temporal variation in investor sentiment. We find that when sentiment is … “uncertain” or “difficult to value” firms. Adding these forecast errors to a regression of stock returns on sentiment absorbs a … that this bias in expectations is unlikely to be strategic in nature. Our results provide new insight into the mechanism …

Earnings forecasts can be useful for investment decisions. Research on earnings forecasts has focused on forecast … determine the value of the forecast and also investigate to what extent the timing of the forecast can be modeled. We propose a … clear drivers of the value and the timing of the earnings forecast. We thus show that not only the forecasts themselves are …

forecast increases; (b) managers who have a high probability of behaving strategically (as forthcoming) in the future issue …In this paper, managers differ from each other in terms of the probability that they are "forthcoming" (and disclose … in their self-interest to do so). Strategic managers choose whether to disclose their forecasts based on both the …

This paper examines factors influencing voluntary forecast disclosure by target companies, whether good/bad news … during contested bids. In agreed bids, probability of forecast disclosure was greater the shorter the bid horizon. In … forecast disclosure and increase in offer price was found …