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After reading the Graham, Campbell, and Rajgopal article, you might get the implication for the motivation of voluntary disclosure. Why does the article suggest that

After reading the Graham, Campbell, and Rajgopal article, you might get the implication for the motivation of voluntary disclosure. Why does the article suggest that managers earnings guidance can destroy the firm value?

Because the preparation of the guidance is costly

The earnings guidance can increase agency cost by discouraging managers from focusing on long-term value increase

The guidance is generally not accurate, and make confusions in the market

None of the above

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