Landsman and Maydew (2002) document that the information content of earnings announcements has increased over the past three decades, and Francis, Schipper, and Vincent (2002) conclude that expanded concurrent disclosures in firms' earnings announcements, especially the inclusion of detailed...

We develop the first general equilibrium exchange economy with risk-averse investors where firm managers can voluntarily make costly, discretionary disclosures regarding the liquidating value of the firm. This extends the discretionary disclosure setting of Verrecchia (1983) by relaxing the...

The introduction of IFRS in Europe was intended to improve accounting quality and facilitate cross-border financial transactions. This study examines whether IFRS increases value-relevance of corporate disclosure using traders' response in financial markets of 15 EU countries. If the regulatory...

Price discovery is the process whereby value-relevant, private information becomes impounded or reflected in a stock's publicly-observable market price. The timeliness of price discovery refers to how quickly that process takes effect.There is no reason to believe either that all private...

This paper examines the hypothesis that when disappointing information regarding a firm's performance is released, the firm's management faces particularly strong incentives to counter the disappointing news with overly optimistic forward-looking statements. To address this issue, the paper...

We exploit a novel feature of management cash flow forecasts to investigate how managers' discretion over forecast verifiability affects the credibility and stock price effects of such forecasts. Many management cash flow forecasts are issued with an equivocal definition of the cash flow number...

In this study, we provide evidence on the pricing of other comprehensive income (OCI) that differs from most evidence in prior research. Prior archival research has largely concluded that OCI is not priced by investors. In contrast, we provide evidence in the post-SFAS 130 period that OCI is...

Using a sample of over 10,000 earnings-related conference call transcripts, we examine the determinants of within-firm variation in the length of managers' presentation and analyst discussion periods during earnings-related conference calls. We find that managers' presentations are longer when...

This paper examines whether industry efforts to increase uniformity and improve transparency of a non-GAAP performance measure change manager behavior and market perceptions. We find that the frequency of REITs meeting or beating analysts' expectations of funds from operations (FFO) decreased...

I test the stock market efficiency with respect to the information in the texts of annual reports. More specifically, I examine the implications of corporate annual reports' risk sentiment for future earnings and stock returns. I measure the risk sentiment of annual reports by counting the...