We examine the impact of disclosure by defendant firms on the outcome of securities fraud class actions. We hypothesize that firms issuing more disclosures will experience more adverse litigation outcomes, given the strict pleading standards of the Private Securities Litigation Reform Act...

We examine whether firms with greater financial statement complexity are more likely to meet or beat analysts' earnings expectations. We proxy for financial statement complexity using the firm's industry and year adjusted accounting policy disclosure length. Firms with more complex financial...