Voluntary Disclosures and Analyst Feedback

Nisan Langberg

109 citations0/0 files storedJournal of Accounting Research

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Auditing, Earnings Management, Governance Financial Markets and Investment Strategies Corporate Finance and Governance

Abstract

ABSTRACT We study the resource allocation role of voluntary disclosures when feedback from financial markets is potentially useful to managers in undertaking value maximizing actions. Managers weigh the short‐term price implications of disclosure against the long‐term efficiency gains due to feedback while financial analysts strategically produce information. The model can explain why managers disclose bad information (e.g., grim outlook), that reduces the stock price, and why prices respond more strongly to bad news relative to good news. We find that not all firms enjoy the same quality of feedback, and that feedback, by itself, does not induce more disclosure but less.

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References

1987Signaling Games and Stable Equilibria 1994Why Firms Voluntarily Disclose Bad News 2008Do Managers Withhold Bad News?1985Disclosure of Nonproprietary Information 2006Price Informativeness and Investment Sensitivity to Stock Price 1998Underwriting relationships, analysts' earnings forecasts and investment recommendations 2000CEO stock option awards and the timing of corporate voluntary disclosures 2001Rationality and Analysts' Forecast Bias

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2017Analysts' Influence on Managers' Guidance 2019Analyst Coverage Overlaps and Interfirm Information Spillovers 2022Face Value: Trait Impressions, Performance Characteristics, and Market Outcomes for Financial Analysts 2021Managerial Learning from Analyst Feedback to Voluntary Capex Guidance, Investment Efficiency, and Firm Performance 2020The effect of exogenous information on voluntary disclosure and market quality 2023CEO career concerns in early tenure and corporate social responsibility reporting

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