We analyze the importance of policy uncertainty to textual disclosure in the U.S. over the 1996 to 2015 period. We find that policy uncertainty increases textual disclosure length, lowers readability, and increases the tone of uncertainty and negativity. Our strong, robust evidence implies that...

There is tension underlying whether asset redeployability, which refers to the salability of corporate capital assets, shapes crash risk. On one hand, asset redeployability enables managers to opportunistically exploit asset sales to manage earnings upwards to hoard bad news, which, in turn,...

We analyze the importance of policy uncertainty to textual disclosure in the U.S. over the 1996 to 2015 period. Consistent with the information-acceleration view, we find that policy uncertainty increases textual disclosure quantity evident in disclosure length. We also document that policy...

By analyzing a large panel of elections in 55 countries, we show that political uncertainty surrounding elections can affect asymmetric cost responses to activity changes (i.e., cost stickiness). In comparison to non-election years, we find that the asymmetry in cost behaviors is stronger during...

In analyzing a large panel of elections in 56 countries for the period 1989-2012, we show that political uncertainty surrounding elections can affect asymmetric cost behaviors to activity changes (i.e., cost stickiness). The asymmetry in cost behaviors is stronger during election years than in...

We extend recent research on the links between political connections and financial reporting by examining the role of auditor choice. Our evidence that public firms with political connections are more likely to appoint a Big Four auditor supports the intuition that insiders in these firms are...