This study investigates the effect of extreme uncertainty on disclosure behavior by analyzing the quality and quantity of forward-looking disclosures during the global financial crisis and pre-crisis periods, controlling for other determinants of disclosure behavior. Prior research has struggled...

We investigate how managers smooth volatility in balance sheets, using the pension accounting change IAS 19R as a shock to balance sheet volatility. This shock increases pension plans’ funding transparency, which is the source of volatility, without targeting actual plan funding. We find that...