Discretionary Management Earnings Forecast Disclosures: Antecedents and Outcomes Associated with Forecast Venue and Forecast Specificity Choices

Abstract

In this paper we investigate the effects of disclosure-related costs on managers' decisions about how (in terms of specificity) and where (in terms of venue-such as special press releases or analyst meetings) to disclose earnings forecasts. We also examine consequences of alternative venue and specificity choices. Our investigation focuses on managers' forecasts of annual earnings identified from the Dow Jones News