This paper examines the effect of sustainability performance disclosures on corporate cost of capital. We find that both cost of debt and cost of equity are lower for firms that disclose sustainability performance information, when compared to firms that do not disclosure similar information. We...

The market views bad-news management earnings forecasts as more credible than good-news forecasts not because good-news forecasts are biased, but rather because they are noisier than bad-news forecasts. After controlling for noise, the difference in market response disappears. Bad-news forecasts...

This paper investigates management incentives for disclosing voluntary non-financial information and whether such disclosure is associated with firms' environmental, social, and governance (ESG) sustainability performance. We hand-collect 580 sample firms' voluntary non-financial disclosure on...

The market views bad-news management earnings forecasts as more credible than good-news forecasts not because good-news forecasts are biased, but rather because they are noisier than bad-news forecasts. After controlling for noise, the difference in market response disappears. Bad-news forecasts...

Voluntary disclosures of sustainability information have recently received considerable attention by investors, regulators, and public companies in improving reliability and integrity of corporate reporting. We examine the association between the quantity and quality of sustainability...

We examine whether higher levels of environmental, social, and governance (ESG) sustainability disclosures are attained under voluntary or mandatory disclosure regimes. We use the regulatory differences between the United States (US) and European Union (EU) settings, as firms in the US are...

We examine the determinants and consequences of both narrative and graphical presentations of environmental, social, and governance (ESG) sustainability disclosures. Drawing on a sample of hand-collated data of top 200 firms from the US and Europe from 2016-2018, we find that: (1) EU firms under...