We investigate whether narrative disclosures in 10-K and 10K-405 filings contain value-relevant information for predicting market performance. We apply text classification techniques from computer science to machine code text disclosures in a sample of 4280 filings by 1236 firms over five years....

Opportunity cost is a central concept in decision making. It is difficult to measure because it is the value associated with opportunities foregone. In this paper, we characterize three time-based dimensions of resources to help understand and estimate opportunity costs. These dimensions capture...