This paper shows that risk in cash flow and accrual components of earnings is an important determinant of a firm's cost of equity beyond risk in earnings. The paper develops and tests a model that demonstrates how earnings smoothing hinders the ability of earnings to capture firm risk and how...

We define a delayed disclosure ratio (DD) as the fraction of 10-Q financial statement items that are withheld at the earlier quarterly earnings announcement. We find that higher DD firms have a greater delay in investor and analyst response to earnings surprises: (i) the fraction of total market...

We examine the macroeconomic information content of aggregate earnings from the labor market's perspective. We use insights from the labor economics literature to characterize the information contained in aggregate GAAP earnings and its components that is relevant for predicting aggregate job...

We propose the visual attention hypothesis, that visuals in firm earnings announcements increase attention to the earnings news. We find that visuals in firm Twitter earnings announcements are associated with more retweets, consistent with greater follower engagement with announcements with...