A number of theoretical studies predict an unconditional negative association between firm risk premium and firm disclosure, where additional disclosure reduces estimation risk or information asymmetry. Empirical studies based on these models frequently report mixed results. Dutta and Nezlobin...

Academics and practitioners frequently highlight that overall market and industry performance is an important aspect of a firm's profitability. However, few studies allow for the decomposition of a firm's profitability into market, industry, and idiosyncratic components, and those that do often...

Management earnings forecasts expressed as a range have become the most common form of quantitative management guidance. Traditionally, the proxy for the sign and the magnitude of the information conveyed by these forecasts – the forecast news – is calculated as the difference between a...

We examine the association between a firm’s cost of capital and its voluntary and mandatory disclosures. We include two types of mandatory disclosures: those that are a function of periodic reports that are realizations of ex-ante reporting systems and those that arise due to specific...