... by emotions. ⁴ weather-induced mood optimism management earnings forecasts Reason is, and ought to be, the slave of the passions, and can never pretend to any other office than to serve and obey them. — David Hume (1896) H1: Managers exposed to more sunshine make...

... as a substitute for country-level formal institutions in terms of its implications for management earnings forecast (MEF) issuance. Additionally, we find a stronger relationship between firm-level commitment to credible disclosure and MEFs in low-trust countries, suggesting that country-level societal trust...

...Frank Heflin; William J. Kross; Inho Suk ABSTRACT We document that the effect of Regulation Fair Disclosure (FD) on public management earnings forecasts (MFs) is asymmetric. Our results suggest that FD increased managers' use of MFs as a downward-guidance mechanism to help achieve meeting...

... Consistent with our prediction, we find that firms providing more accurate forecasts invest more efficiently in capital expenditures. management earnings forecasts voluntary disclosure capital expenditure investment capital budgeting managerial...

... in the text. forecast bias horizon problem management earnings forecasts managerial myopia CEO retirement Editor's note: Accepted by Beverly R. Walther. April 2011 June 2013 2013 We thank John Harry Evans III (senior...