This study exploits the staggered adoption of the inevitable disclosure doctrine (IDD) by U.S. state courts as an exogenous shock that generates variations in the proprietary costs of disclosure. We find that firms respond to IDD adoption by reducing the level of disclosure regarding their...

This study exploits the staggered adoption of the inevitable disclosure doctrine (IDD) by U.S. state courts as an exogenous shock that generates variations in the proprietary costs of disclosure. We find that firms respond to IDD adoption by reducing the level of disclosure regarding their...

Asymmetric information is a fundamental friction that results in mismatches and efficiency losses in the labor market. In this paper, we posit that more disaggregated financial disclosure from a CEO candidate's prior employer can help the hiring firm better assess the possible fit between its...

Asymmetric information is a fundamental friction that results in mismatches and efficiency losses in the labor market. In this study, we posit that more disaggregated financial disclosure by a CEO candidate’s prior employer can help the hiring firm better assess the possible fit between its...