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Soft-Talk Management Cash Flow Forecasts: Bias, Quality, and Stock Price Effects


  • Accepted by Patricia O’Brien. We acknowledge comments by Andy Leone, John Long, Patricia O’Brien , Bill Schwert, Gerry Wedig, Wei Yang, and Jerry Zimmerman; workshop participants at Ohio State University, Penn State University, and the University of Rochester; participants at the 2009 CAR Conference; our CAR Conference discussant Sarah McVay; and especially two anonymous reviewers.