We explore the use of voluntary disclosure by managers to solicit market-feedback. Using managerial capital expenditure forecasts, we find that managers adjust annual capital expenditures upward (downward) in response to positive (negative) stock market reactions to capital expenditure...

We examine whether the adoption of internationally recognized accounting standards is associated with a greater sensitivity of credit ratings to accounting information. Our results suggest that voluntary adoptions of IFRS/U.S.GAAP come with significant increases in the sensitivity of credit...

I argue that external financial reporting quality has at best a 2nd order effect on firm value of U.S. publicly traded companies and that attempts to improve a firm's external reporting quality has a 3rd order effect on these firms' value. Recognizing that external financial reporting quality is...