Capital market consequences of managers' voluntary disclosure styles

► I examine the role of manager credibility in investors' responses to management forecasts. ► I find the market response to forecast news increases with managers' prior forecasting accuracy. ► Above effect is subsumed when I control for the firm's prior forecasting history. ► I show that idiosyncratic individual styles matter most when information uncertainty is high. ► Individual managers still benefit from establishing a personal disclosure reputation.