In this study we use the recently mandated risk factor disclosure to examine the spillover effect of the SEC review of qualitative corporate disclosure. We find that firms not receiving any comment letter (“No-letter Firms”) modify their subsequent year's disclosures to a larger extent if...

Using hand-collected data, we show that disclosure of non-earnings guidance, especially that about a firm's long-term value creation — capital expenditure (CAPEX) guidance and strategic plan disclosure (SPD) — was common even before the debate on earnings guidance gained momentum. Firms with...

Firms are required to provide financial information via the financial statements and the MD&A—a narrative explanation of the financial statements. Our study examines how firms use the MD&A channel when their financial statement channel is inadequate. We proxy for the adequacy of the financial...

A firm makes several financial reporting and disclosure decisions in a short period of time. Seemingly unrelated decisions may be correlated because of stability in management traits or the continuation of a firm's accounting information system. We find that firms with greater deviations from...

This article is developed from the authors' keynote speeches at the Chinese Accounting Association's Research Conference in November 2014 in Beijing. We discuss the importance of corporate disclosure and the landscape of disclosure in U.S. We then discuss opportunities of disclosure research in...