Using a dataset of 3,234 letters sent by 434 hedge funds to their investors during 1995-2011, we study what motivates hedge fund managers to make voluntary disclosures. Contrary to the hedge fund industry's reputation for opacity, we observe that managers provide their investors with an array of...

Complexity in applying financial accounting standards can have real operational effects if firms alter their actions in the face of increased reporting costs. We examine whether the introduction of new standards (ASU 2017-12) designed to reduce compliance burden and better align hedge accounting...