This essay explores the timing of managers' voluntary earnings forecasts. Prior literature on management earnings forecasts mainly focused only on issues of (I) distinctive characteristics of disclosure vs. nondisclosure firms, (2) factors influencing managers' disclosure incentives, and (3) frequency of managers' disclosures. The main concern of this paper is to establish the links among the factors, which are of great importance to explain managers' willingness of voluntarily disclosing earnings forecasts, and timing of such disclosures. Our findings indicate that factors such as debt ratios, profitability, precision of forecasts, labor (or capital) intensity of firms are all highly related to managers' timing of voluntary forecasts.