We investigate the determinants and informativeness of banks’ ROTCE non-GAAP disclosures. ROTCE is a common performance measure used in the banking industry that adjusts for items ignored by banking industry regulators for capital adequacy assessments (i.e., goodwill, intangible assets,...

Inadequate sleep is a public health epidemic in the U.S., and poor sleep habits are especially common among professional investors. Neuroscience research finds that sleep disruption inhibits information processing by impairing higher-order cognitive functions. Using Daylight Saving Time (DST)...

Motivated by concerns that financial positions present a conflict of interest that impairs an analyst's objectivity, we examine investor perceptions of the financial positions of non-professional analysts (hereafter NPAs) providing stock analysis on the social media outlet SeekingAlpha...

Prior research finds that mandatory risk factor disclosures are informative in that they increase investors' assessments of the volatility of a firm's cash flows. However, the literature is silent as to whether these disclosures provide information about the level of future cash flows and,...