This paper deals with the impact of voluntary strategy disclosure in management reports on the cost of equity capital … analyze a sample of 100 German listed firms from 2002 to 2008, measuring strategy disclosure levels using hand …-collected strategy disclosure scores. We find that higher disclosure levels are, on average, associated with lower cost of equity capital …

We apply modern machine learning techniques to characterize disclosure misclassification by public companies. We find …

may be indicative of firms' broader disclosure and accounting choices …

informative communication in others. Building on these observations, we first identify a novel stylized fact: disclosure … complexity is non-monotonic in firm performance. We then develop a model of disclosure complexity that incorporates the dual … sophistication and can adjust the complexity of the disclosure to either provide more precise information or to obfuscate. In …

This study examines management disclosure behavior around debt offerings and its effect on the cost of debt offered …. For the equity market, studies show that management disclosure of good news decreases the cost of equity. Studies also … show that debt holders are more concerned with negative earnings and firm credibility. We examine this disclosure tendency …