Using 18,253 firm-year observations from 1998 through 2003, we build on literature suggesting that more informative disclosures allow returns to better reflect future earnings and test whether management earnings per share forecasts and their characteristics influence the future earnings response coefficient (FERC). We find that FERCs are greater for forecasting firms and when forecasts are more frequent or precise. We suggest that more frequent and more precise forecasts assist investors in better predicting future earnings. Importantly, we find that quarterly and short-term forecasts incrementally increase the association between returns and future earnings beyond annual and long-term forecasts; thus, even short-term, quarterly forecasts allow investors to form better expectations about future earnings. This suggests a benefit of quarterly earnings forecasts possibly overlooked in recommendations from the United States Chamber of Commerce, CFA Institute, Business Roundtable Institute for Corporate Ethics, and The Conference Board to eliminate quarterly earnings guidance.

We investigate whether green innovators voluntarily provide innovation disclosure to reduce processing costs for stakeholders and gain green-specific disclosure benefits. We observe that green patenting firms provide more innovation disclosure in conference calls than do other innovating peers, controlling for patent value. Using a patent-call unit of analysis, we also provide within-firm evidence that managers highlight their green inventions more on conference calls relative to their other inventions. Green innovators provide more innovation disclosure when the costs of processing patent information are higher and anticipated disclosure benefits are greater. We find some evidence that innovation disclosure is positively associated with green fund ownership and stronger market responses to conference calls as well as proxies for ESG-related reputation. Our findings highlight both capital market and social capital benefits as motivating forces for voluntary innovation disclosure and suggest the nature of a firm’s innovations can impact its information environment.