We examine the association between voluntary corporate disclosure and the informativeness of stock prices. We measure corporate disclosure using the AIMR-FAF annual corporate disclosure ratings. We define price informativeness by the association between current stock returns and future earnings...

This study investigates the relative magnitude of the market reactions to dividend and stock repurchase announcements. Prior studies motivate conflicting predictions as to how investors perceive dividend distributions versus stock repurchase announcements as signals about future cash flows....

This study examines whether the choice of stock repurchases versus special dividends for one-time cash distributions is related to the level of a firm?s accounting disclosures. The results indicate that firms providing more informative accounting disclosures are more likely to announce stock...

This study examines airlines' voluntary disclosure behavior before and after deregulation. Before deregulation, did airlines avoid voluntary disclosures in order to reduce political costs? After deregulation, did airlines reporting higher earnings provide more voluntary disclosures in order to...

This study examines (leverage) underinvestment and overinvestment hypotheses, taking into account whether growth is anticipated or unanticipated and controlling for potential reverse causality. This study sheds light on the following question: Does financial leverage affect the firm's ability to...