While the social and economic impacts of how disclosures are presented are well-understood, it is less clear how disclosure decisions unfold throughout the annual reporting cycle. We study this issue by exploring the experience of interpreting and implementing corporate reporting rules, focusing...

Using the mandatory adoption of International Financial Reporting Standards (IFRS), we examine whether an exogenously imposed disclosure reform that increases the amount of information affects the level of executive compensation. Extant theories suggest that disclosure reforms could either raise...

In today's uncertain financial climate it is particularly important for entities to explain their financial performance relative to their expectations. Therefore, the paper analyzes the quality and quantity of management reporting in Germany's publicly traded MDAX and SDAX companies using a...

This paper examines insider trading around first-time debt covenant violation disclosures in SEC filings, and is interesting from a research and regulatory standpoint for three reasons – delay and infrequency of a first-time disclosure, lack of attention to covenant disclosures by regulators,...

This paper develops a measure of disclosure investment strategy using data envelopment analysis (DEA) to apply a production formulation to firms' investments in mandatory and voluntary disclosures. Conceptually, the “disclosure production” of a firm consists of a variety of disclosure...

This paper examines banks' disclosures and loss recognition in the financial crisis and identifies several core issues for the link between accounting and financial stability. Our analysis suggests that, going into the financial crisis, banks' disclosures about relevant risk exposures were...

I exploit variation in the adoption of disclosure and supervisory regulation across U.S. states to examine their impact on the development and stability of commercial banks. The empirical results suggest that the adoption of state‐level requirements to report financial statements in local...

This study investigates whether conference calls accompanying M&A announcements in Europe provide valuable information for capital market participants and hence induce an abnormal stock price revaluation on the bidder’s equity. Based on handpicked data for transactions between 2008 and 2012 we...

Repurchase agreements are money market instruments that are used widely and for various purposes due to their simplicity and flexibility. The European repo market is quite concentrated, as 80% of the transactions is conducted be-tween the top 20 banks and 61.9% of the collaterals used in the...

Target shareholders have the right to ask for a higher merger price if good news emerges after a merger agreement. This “appraisal right” varies with state law and was substantially strengthened in Delaware in 2007. I examine how target managers respond to changes in this right. If target...