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 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...

Prior research has focused on management's concern with current relative performance to explain income smoothing. Recent economic theory, however, argues that concern about job security creates an incentive for managers to also consider anticipated future relative performance. Our empirical...