Credit ratings have significant implications for firms, including the cost of future borrowing and immediate impacts on stock and bond valuations. Because of this, managers have incentives to improve or maintain their credit ratings by influencing rating agencies' perception of credit risk. We...

We explore usefulness of a measure based on 10-K disclosures of firm-specific climate risk exposure. We find that our measure is negatively associated with firm value and positively associated with implied cost of capital and beta. Climate risk disclosure tone is significantly associated with...

We provide the first direct analysis of the magnitude of unreliable quantitative information disclosed in corporate social responsibility (CSR) reports. CSR report reliability is of particular interest to fund managers for investment decisions as well as to policymakers for regulating and...

We examine the interaction between two forms of hospital regulation and their effect on hospital behavior. Because reimbursement under federal Medicare regulation is a fixed fee per diagnosis, hospitals are encouraged to behave more like cost centers and reduce cost through shorter average...

On October 23, 2000, the SEC implemented a regulation that changed the way corporate managers interact with analysts and investors. Under Reg. FD, managers can no longer give individual guidance to analysts without simultaneously disclosing the information to the public. This paper examines the...