We examine the valuation of financial statement note information at the time of 10-K filings. We find that stock returns around 10-K filings are positively related to accounting adjustments calculated from financial statement note information. We further document that the likelihood of equity...

This paper provides the first value relevance analysis of deferred tax disclosures under IFRS/IAS. The comprehensive analysis, taking into account the different deferred tax components, shows that investors generally do not consider deferred taxes to convey relevant information for assessing...

The SEC's emphasis on the use of plain English is designed to make disclosures more readable and more informative. Using an experiment, I find that more readable disclosures lead to stronger reactions from small investors, so that changes in valuation judgments are more positive when news is...

Statement of Financial Accounting Standards No. 107 (codified in ASC 825-10), Disclosures about Fair Value of Financial Instruments, mandates the disclosure of fair values for financial instruments with the objective of providing investors with more relevant information about firms' future cash...

We examine accounting standard ASR 118 mandating the reporting of fair values of investment securities. Using a unique setting, the USA public venture capital (VC) industry, we test whether ASR 118 would be important to investors, or whether relevance would come at the expense of reliability. We...

We use incremental and joint implementation of multiple SOX-based control effectiveness disclosure and audit mandates to assess relative performance of alternatives for small U.S. public companies. Using data from several low and high effort management disclosure and audit regimes implemented...

SEC Staff Accounting Bulletin No. 74 (SAB 74, U.S. SEC 1987) requires registrants to provide information about the predicted financial statement effect of an enacted but not yet adopted accounting standard. The objectives of SAB 74 disclosures are to inform users the registrant will be required...

The current study examines the voluntary disclosures (provided in the U.S.) by U.S.-listed Asian companies. Our findings indicate that significantly fewer [greater] voluntary disclosures are provided by U.S.-listed Asian companies from countries which have a strict [less strict] mandatory...

This paper examines the disclosure of intangible assets by 'high user' industrial firms in the Australian market subsequent to the introduction in 2005 of AASB 136 and AASB 138. Using a sample of ten large industrial firms with combined intangible assets of $37,758 million as at 2006, the paper...

Prior theoretical research generally predicts a negative association between disclosure quality and cost of capital and a positive association between disclosure quality and liquidity. In this study, we examine the effect on cost of capital and liquidity of a reporting exemption for foreign...