There is considerable variation across firms and disclosure settings in the level of advance preparation for disclosures. Further, disclosures that involve less preparation are more spontaneous and can affect market outcomes. Despite this, little is known about how spontaneity affects disclosure...

Prior literature suggests that investors react less strongly to information in less readable disclosures. We extend this literature by considering how disclosure readability affects the sensitivity of investors' valuation judgments to the information contained in outside (i.e., non-firm) sources...

Individuals who evaluate business-related risks often have a preference or goal for the business to perform well. In this paper, we test how such a directional goal affects risk perceptions and the relation between risk perceptions and assessments of value in an investment context. Compared to...

In an environment where capital market participants collectively possess superior information about a decision faced by a firm manager, we use an experimental market to analyze the effectiveness with which the market communicates this information to the manager through stock price. We do so in a...