There are mixed views about whether firm managers voluntarily disclose good news in a more timely fashion than they do bad news. Our study investigates this issue by inferring managers' strategic disclosure behavior from firms' stock returns in the earnings announcement vs. non-announcement...

This paper investigates the association between corporate governance and the disclosure of non-GAAP earnings measures in quarterly earnings announcements. The results reveal that the previously documented decrease in the probability of disclosure of non-GAAP earnings after Regulation G is lower...

In this study, I investigate how financial details (e.g., footnotes to the financial statements and 10-K supplementary schedules) disclosed concurrently with financial statements are priced by market participants. I test, not only the value-relevance of footnotes and supplementary data, but also...

This study explores associations between U.S. firms' 10-K disclosures of market risk exposure, which were newly mandated by a 1997 SEC Release, and stock price sensitivity to underlying risk factors. Firms whose stock prices were more sensitive to oil and gas prices tended to have open year-end...

We analyze a sample of 330 firms making unaudited disclosures required by Section 302 and 383 firms making audited disclosures required by Section 404 of the Sarbanes-Oxley Act. We find that Section 302 disclosures are associated with negative announcement abnormal returns of -1.8 percent, and...

Prior studies find that markets fail to quickly and fully impound accruals information into prices. This paper compares the information environment and pricing of firms that voluntarily disclose accruals in their earnings press releases (Disclosers) to those of control firms that disclose the...

Managers often explain their earnings forecasts by linking forecasted performance to their internal actions and the actions of parties external to the firm. These attributions potentially aid investors in the interpretation of management forecasts by confirming known relationships between...

This study focuses on the stock market reaction to denial of service attacks against certain well-known Internet firms in February 2000. Investors appear to have used several heuristics in deciding which firms were 'similar' to those attacked, and thus predicted that they were also likely to be...

This paper develops an econometric valuation model of Internet firms by means of multiple regression methodology, based on the financial information and web traffic measures. Thus, the model laid out explores the factors influencing the market value of firms

We investigate the potential uncertainty-reducing role of accounting information in the context of contingent Superfund liability valuation. We first develop theoretical arguments for the way reduction of uncertainty regarding these contingent liabilities is expected to affect security prices....