The purpose of this paper is to investigate the level of intellectual capital (IC) disclosure of the largest Czech and Hungarian listed firms. We apply content analysis of the annual statements and measure IC disclosure by a score. We hypothesize that a significant positive relationship exists...

This paper examines the effect of Korea’s fair disclosure regulation on the timeliness and informativeness of earnings announcements. The present regulation for Korean listed firms requires that if a company's sales revenue, operating income (or loss) and net income (or loss) have changed by...

This paper deals with the impact of voluntary strategy disclosure in management reports on the cost of equity capital. Such an impact is not obvious, as investors might consider strategy information as “cheap talk” and therefore ignore it. We analyze a sample of 100 German listed firms from...

This paper examines whether legal liability coverage, as measured by excess directors' and officers' (Damp;O) liability insurance coverage and excess cash for indemnification, is associated with the quantity and the quality of a firm's voluntary disclosures. Using Canadian firms whose Damp;O...

We employ a quasi-natural experiment to examine the effect of investor inattention on firms' voluntary disclosure. While prior research focuses on when managers make mandatory disclosures within a given quarter, we examine whether investor inattention influences what managers voluntarily...

Repetitive disclosures refer to the extent that content in the MD&A is repeated from the audited financial statement notes. I empirically analyze repetitive disclosures in the Management Discussion and Analysis (MD&A) section of the 10-K filing, and find that firms tend to use more repetitive...

We predict and find that regulated firms' mandatory disclosures crowd out unregulated firms' voluntary disclosures. Consistent with information spillovers from regulated to unregulated firms, we document that unregulated firms reduce their own disclosures in the presence of regulated firms'...

Examining the US Greenhouse Gas Reporting Program, I find that facilities reduce greenhouse gas emissions by 7.0% after mandatory disclosure of facility-level emissions. A facility's prior GHG inefficiency predicts subsequent GHG emissions reductions, but only after public disclosure occurs,...

This paper provides first evidence of negative peer disclosure (NPD), an emerging corporate strategy to publicize adverse news about industry peers on social media. Consistent with NPDs being implicit positive self-disclosures, disclosing firms experience a two-day abnormal return of 1.6-1.7%...

We use data multinational firms provide to the Internal Revenue Service regarding their foreign subsidiary locations to explore whether some firms fail to publicly disclose subsidiaries in some countries, even when the subsidiaries are significant and should be disclosed per Security and...