Caught in an Expectations Trap: Risks of Giving Securities Analysts What They Expect

The names of the authors are listed alphabetically; each contributed equally to this work. The authors thank Senior Editor Ruth V. Aguilera and the three anonymous reviewers for their exceptional guidance during the review process. This paper has benefited from the constructive comments of Laurence Capron, Frank Dobbin, Rodolphe Durand, Julien Jourdan, and seminar participants at ESCP Business School, Harvard Business School, Paris Dauphine - PSL University, the Society & Organizations Institute from HEC Paris, and the Université catholique de Louvain. The usual disclaimers apply.