SEC Chairman Arthur Levitt has recently expressed concerns about the use of earnings
management to meet Wall Street earnings expectations set by analysts' forecasts. We …

We examine how the market's ability to assess the truthfulness of management earnings
forecasts affects how managers bias their forecasts, and we evaluate whether the market's …

We present a simple model of managerial reporting bias for a setting in which the capital
market is uncertain about the manager's reporting objective. In this setting, the manager's …

This paper synthesizes the literature on management earnings forecasts (MFs) and adaption
mechanisms, combines existing theories into a unifying framework, and discusses the …

We study optimal disclosure via two competing communication channels: hard information
whose value has been verified, and soft disclosures such as forecasts, unaudited …

We examine a communication game between an analyst and a decision-maker and
investigate how the presence of public information affects the precision of the information the …

We report the results of an experiment that shows that investors' earnings‐and investment‐
related judgments are jointly influenced by their investment position (long versus short), the …

This monograph surveys the analytic accounting disclosure literature in which firms
strategically communicate information to investors. Its purpose is to identify guidelines that …

This paper examines how historical financial reporting can serve as an ex post check on
more timely voluntary disclosures, and shows that such a check can be sufficient to ensure …

This paper explains how and why Anglo-American accounting and auditing, along with
corporate governance and capital markets, evolved over many centuries in response to …