The 2006 SEC rule, by changing the definition of Named Executive Officers, mandates CFO compensation disclosure. Using this setting and a difference-in-differences research design, we study the real effects of CFO compensation disclosure regulation on CFO job performance. We hypothesize that the...

Regulatory oversight bodies and audit researchers are interested in restatements as a reliable indicator of audit quality. This paper describes the construction and validation of a new proxy for restatements that correct unintentional error. This proxy classifies less than one third of...

We analyze the first quarter 2007 10-Q filings of 348 Samp;P 500 calendar year-end firms to provide evidence concerning the levels of, and changes in, unrecognized tax benefits (UTBs) resulting from the adoption of FASB Interpretation No. 48 (FIN 48). We draw the following conclusions. First,...

FASB Interpretation No. 48 (FIN 48) requires firms to disclose a forecast of significant changes in unrecognized tax benefits (UTBs) that are reasonably possible to occur within 12 months of the reporting date. According to paragraph 21(d), the “look-forward” disclosure, a firm must disclose...

Improved disclosure increases prices and liquidity in a laboratory financial market, and does so more strongly when investors face the risk of unpredictable demand shocks. These results are consistent with a broad class of theoretical and empirical studies. Disclosure has larger effects on...

Tax return information is often complex and difficult to interpret. Whether its public availability benefits unsophisticated users remains an empirical question. This study examines whether public disclosure of tax return information affects information asymmetry among more- and less-...

Using detailed data of individual investors, this study shows that, on average, individuals invest more in firms with clear and concise financial disclosures. The results indicate this relation is less pronounced for high frequency trading and financially-literate individuals. The study also...