The documented decline in the information content of earnings numbers has paralleled the emergence of disclosures, mostly voluntary, of industry-specific key performance indicators (KPIs). We find that the incremental information content conveyed by KPI news is significant for many KPIs, yet it...

Human capital is a key factor in value creation in the modern corporation. Yet the disclosure of investment in human capital is scant. We propose that a company's online job postings are disclosures made outside of the investor relations channel that contain forward-looking information that...

Employee turnover is a significant cost for businesses and a key human capital metric, but firms do not disclose this measure. We examine whether turnover is informative about future firm performance using a large panel of turnover data extracted from employees’ online profiles. We find that...

We study how institutional investor attention to a firm affects the timeliness of analysts' forecasts for that firm. We measure abnormal institutional attention (AIA) using Bloomberg news search activity for the firm on earnings announcement days. We find that analysts issue more timely...

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 employee reactions to earnings announcement (EA) news using micro-level data on individual employees’ bank and credit card transactions. We find that EA news is positively associated with changes in employee consumption around the EA. This reaction is stronger for employees with...

We examine the economic impact of the 2020 student loan forbearance program on borrowers. We use detailed individual transaction data and a difference-in-differences methodology to uncover the effects of forbearance on financial behavior and labor market outcomes. Our results show that...

While the production of credit ratings has long been largely limited to rating agencies (CRAs), recent years have seen the growing popularity of consensus credit ratings crowdsourced from banks (i.e., bank ratings). We provide the first comprehensive examination of the properties and...

Administrative support is instrumental in how firms support, manage, and motivate employees. Yet, our knowledge about this important human capital management factor is limited. Using novel data extracted from employees’ online profiles, we find that administrative intensity, defined as the...

We define a delayed disclosure ratio (DD) as the fraction of 10-Q financial statement items that are withheld at the earlier quarterly earnings announcement. We find that higher DD firms have a greater delay in investor and analyst response to earnings surprises: (i) the fraction of total market...