We examine the actions that insurance firms take immediately after the September 11 attacks to reduce information asymmetries. We find that voluntary disclosure behavior is positively related to the magnitude of the September 11-related loss. Conditioning for the loss, disclosure behavior also...

Recent research suggests that the mispricing of asset growth can explain the accruals anomaly. We reexamine this issue by focusing on the role of accounting manipulations in stock mispricing. Specifically, we hypothesize that accounting manipulations are at the root of the accruals anomaly but...

We examine the actions that insurance firms take immediately after the September 11 attacks to reduce information asymmetries. We find that voluntary disclosure behavior is positively related to the magnitude of the September 11-related loss. Conditioning for the loss, disclosure behavior also...