Information on Order Backlogs (OB) have long been sought after by analysts and practitioners as indicators of future sales, and in turn, of future earnings and stock returns. OB disclosures, though mandatory for annual reports, are voluntary for quarterly reports, and sometimes presented in...

This study explores whether the management discussion and analysis (MDamp;A) section of Forms 10-Q and 10-K has incremental information content beyond financial measures such as earnings surprises and accruals. It uses a classification scheme of words into positive and negative categories to...

This study explores whether the Management Discussion and Analysis (MD&A) section of Form 10-Q and 10-K has incremental information content beyond financial measures such as earnings surprises, accruals and operating cash flows (OCF). It uses a well-established classification scheme of words...

This paper investigates stock and option market reactions to judicial events in the United States Supreme Court (SC) relating to cases where at least one party involved is a public firm. Using a comprehensive dataset of more than 500 SC cases from 1948 to 2018, we find that the stock market...

Breaking from a long stretch of using largely standard language in unqualified audit opinions, the Public Company Accounting Oversight Board (PCAOB) expanded audit reports to disclose Critical Audit Matters (CAMs) and the audit procedures used to address them. The first wave of CAM disclosures...