To blame or not to blame: Analyst's recreations to external explanations for poor financial performance

Article Abstract:

The self-serving disclosures that are provided by managers blame temporary external factors for poor financial performances, but the results of an experiment conducted by 124 financial analysts shows that when analysts perceive such disclosures as plausible, they provide higher earnings forecasts and stock valuations if the explanation is not provided. The complete details of the experiment are also presented.

Management dynamics, Management, Company business management, Financial analysts

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Voluntary disclosure of precision information

Article Abstract:

A model of an entrepreneurEs acquisition and voluntary disclosure of precision information that accompanies estimates of the value of tradable assets is provided. It is shown that the entrepreneur over-invests in the acquisition of precision information due to the option value of discretion over disclosure.

Investment management, Disclosure of information

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