We examine whether the level of trust in a country affects investors' perception and utilization of information transmitted by firms through financial disclosure. Specifically, we investigate the effect of societal trust on investor reactions to corporate earnings announcements. We test two...

This study is motivated by the theoretical and empirical argument that assert an important association between religion and stock price crash risk (Kennedy and Lawton, 1998; Carter, McCullough and Carver, 2012; Jin and Myers, 2006; Callen and Fang, 2016; Li and Cai; 2018). We study the impact of religion, as...