We examine the voluntary disclosure behavior of peer firms of hostile takeover targets. We find that peer firms under control threat use a disclosure strategy that emphasizes bad news: they provide more bad news forecasts, tend to bundle bad news forecasts with earnings announcements, use more...

Using textual analysis methods, we investigate the information content of government financial disclosure and its implications. Specifically, we establish several stylized facts using the comprehensive annual financial reports (CAFRs) issued by municipal entities. We first document large...

When there is high information asymmetry between directors and managers, independent directors do not have enough information to perform their functions. Only when faced with a good internal information environment can such directors acquire enough information to provide advice and monitor...

This paper provides empirical evidence of the impact of firm specific characteristics on corporate financial disclosures amongst UAE companies. A total of 153 public, joint-stock companies, listed and unlisted, were incorporated at the time of study. Both descriptive statistics and multiple...

Purpose – The purpose of this paper is to shed light on the European Union’s (EU) latest regulatory principles for environmental, social and governance (ESG) disclosures. It explains how some of the EU’s member states are ratifying the EU Commission’s directives on ESG reporting by...

There is significant debate about the usefulness of disclosing the relative pay of the CEO and the median employee (hereafter, pay ratio), as required under the yet-to-be implemented Section 953(b) of the Dodd-Frank Act in the United States. Using an experiment, we find that disclosing...

We examine the consequences of the highly anticipated and controversial Section 953(b) of the Dodd-Frank Act, which mandates companies to disclose the CEO-to-median employee pay ratio starting from 2018. We address endogeneity concerns by using a regression discontinuity design around the public...

This paper examines economic consequences of a 2006 Securities and Exchange Commission regulation that mandated public firms to disclose their governance policies on related-party transactions (hereafter RPTs). Employing hand-collected RPT data for S&P 1500 firms, we find that the initiation of...