The purpose of this study was to examine the relationship between the conciseness and complexity of financial disclosures and market reactions, using the annual reports of Chinese-listed B-share companies over the period 2006-2018. We employed a set of statistical methods that were derived from...

The purpose of this study is to empirically examine the relation between a target firm’s media coverage (measured by degree of media coverage, positive and negative media coverage) and various takeover characteristics. We find that media coverage is negatively associated with the takeover...

We analyze information disclosure as a policy instrument for contagion management indecentralized environments. A benevolent planner (e.g., the government) tests a fraction ofthe population to learn the infection rate. Individuals meet randomly and exert vigilanceeffort. Efforts factor in a...

We examine the extent of firm-level disclosures of climate-related financial information in response to recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Specifically, we examine the level of climate-related financial disclosures after the release of the TCFD...

Due to its great contribution to environmental pollution, the American utility industry is increasingly under a high level of scrutiny by its stakeholders. Proponents of the legitimacy theory, argue that poor environmental performers are likely to voluntarily disclose more environmental...

I study how voluntary disclosure of information affects outcomes in plea bargaining. A prosecutor negotiates a sentence with a defendant who privately knows whether he is guilty or innocent. The prosecutor can gather evidence regarding the defendant's type during negotiations, and a trial...

This paper investigates how European Central Bank (ECB) communication, made during the press conference, affects stock market volatility. First, the ECB press conferences are dissected into topics using Latent Dirichlet Allocation (LDA). Then turning points in ECB communication are captured...

We examine the managerial incentives to voluntarily disclose the gender diversity of a firm’s workforce. When examining voluntary disclosures, one key challenge is the difficulty of observing the underlying performance for nondisclosers. We overcome this challenge by using novel data extracted...

We examine the impact of financial disclosures’ readability on future shareholder activism, as expressed by shareholder-initiated proxy proposals. Based on a sample of 1,560 proposals made by shareholders of 818 S& P 1500 firms between 2000 and 2014, we find that the semantic complexity of the...