Note(s): This table employs a two-stage least squares regression. The first stage uses Negative606Impact as the instrument for DisclosureTimeliness, given the relevance restriction denoted in tests of Hypothesis 1. The first stage then outputs fitted values for DisclosureTimeliness, called Timeliness_Fitted. These fitted values are then used in the second stage, depicted in this table. The first stage model is equivalent to the model used in Tables 5 and 6. The dependent variable in column (1) is AnalystDispersion, or the standard deviation of analyst forecasts scaled by stock price. Column (2) uses the absolute value of analyst forecast accuracy, AbsAFE, the absolute value of the median analyst forecast error, as a dependent variable. Each specification includes SIC 2-digit industry fixed effects. Variables are defined in Appendix A. Robust t-statistics are in parenthesis, with statistical significance denoted as ***p < 0.01, **p < 0.05, *p < 0.1