We define a delayed disclosure ratio (DD) as the fraction of 10-Q financial statement items that are withheld at the earlier quarterly earnings announcement. We find that higher DD firms have a greater delay in investor and analyst response to earnings surprises: (i) the fraction of total market...

We examine the managerial incentives to voluntarily disclose the gender diversity of a firm’s workforce. When examining voluntary disclosures, one key challenge is the difficulty of observing the underlying performance for nondisclosers. We overcome this challenge by using novel data extracted...