Based on the ongoing disclosure overload debate, this paper investigates how deregulation-driven decreases in quarterly disclosure affect information asymmetry. We exploit a German setting in which the minimum content requirements for quarterly reporting have been reduced for firms listed in the...

There is a perceived conflict of interests in going private transactions, resulting fromtransferring a company's ownership and control to affiliated parties and terminatingits public status. These deals are subject to mandatory disclosure requirements, aimedto inform shareholders before the...

In this paper, we analyze the real effect of financial statement tax disclosures on corporate innovation activities. In 2007, the FASB enacted FIN 48, which mandates the separate and more detailed disclosure of reserves for unrecognized tax benefits (UTBs). Using patent applications as a measure...

We study how the interplay of disclosure and regulation shapes capital allocation in reward crowdfunding. Using data from Kickstarter, the largest online reward crowdfunding platform, we show that, even in the absence of clear regulation and enforcement mechanisms, disclosure helps entrepreneurs...

I examine how mandatory extraction payment disclosures (EPD) ─ a policy solution intended to discourage corporate payment avoidance in the oil, gas, and mining industries ─ affect fiscal revenue contributions and investments by multinational firms in foreign host countries. Using the...

Managers face conflicting incentives when making voluntary tax disclosure decisions. Although voluntary tax disclosures can improve firms' information environments and reduce financial statement users' costs of processing complex tax information, they can also inform tax authorities about...

We investigate whether and how a “critical audit matter” (CAM) disclosure affects managers' real operating decisions in two contexts (issuing a loan that decreases versus increases the average risk profile of loan portfolios, or choosing to hedge versus speculate on commodity risk). We...

Motivated by the ambiguity of auditor dismissals and dismissal disclosures, this study informs about an alternative signal – the timing of the dismissal – for inferring the causes and implications of dismissals. Dividing the reporting year into four periods when dismissals can occur, we find...

Dodd-Frank Act of 2010 eliminated a Regulation Fair Disclosure rule, which allowed U.S. public companies to make selective disclosures to credit rating agencies (CRAs). However, CRAs and legal experts argue that given the other provisions in Regulation Fair Disclosure, which allow companies to...

We predict and find that regulated firms' mandatory disclosures crowd out unregulated firms' voluntary disclosures. Consistent with information spillovers from regulated to unregulated firms, we document that unregulated firms reduce their own disclosures in the presence of regulated firms'...