Prior research generally interprets complex language in firms' disclosures as indicative of managerial obfuscation. However, complex language can also reflect the provision of complex information; for example, informative technical disclosure. As a consequence, linguistic complexity commingles...

We model limited attention as incomplete usage of publicly available information. Informed players decide whether or not to disclose to observers who sometimes neglect either disclosed signals or the implications of non-disclosure. In equilibrium observers are unrealistically optimistic,...

We investigate a pervasive voluntary disclosure practice -- managers including balance sheets with quarterly earnings announcements. Consistent with expectations, we find that managers voluntarily disclose balance sheets when current earnings are relatively less informative, or when future...

We show a reliable association between voluntary CSR disclosure and company political interests, which we proxy by company employees' contributions to political action committees and statewide voting in presidential elections. This relation is most pronounced for the contributions of Democratic...

This study examines the effects of the interactions among IFRS adoption, analyst coverage and cross-listings in the U.S. on the voluntary disclosure of Brazilian public companies. We document a significant positive shift on voluntary disclosure incentives among cross-listed firms from the IFRS...

Defining and measuring readability in the context of financial disclosures becomes important with the increasing use of textual analysis and the SEC's plain English initiative. We propose defining readability as the effective communication of valuation relevant information. The Fog Index — the...

The countervailing effect of MiFID II’s unbundling provision, which requires brokerages to separate research costs from trading execution costs, on the capital market has led to controversies about its efficacy and its potential rollback. In this paper, we examine the role of firms’...

We study the effects of regulating the timing of disclosure on the quality of accounting information, using a 2003 U.S. regulatory change that accelerates 10-K filing deadlines as a research setting. Employing a difference-in-differences design, we find that the likelihood of issuing financial...

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 study firms' voluntary disclosures in a world of potential information leaks. We find that managers adapt their disclosure strategy to the likelihood and expected scope of leaks. An increasing likelihood fosters voluntary disclosure if leaks merely expose the manager's information endowment...