The study examines how the lack of comparable public peers (“informational uniqueness”) is related to a firm's disclosure policy and information environment. Having less information spillover from other public firms may present an information deficiency if it is not compensated by other...

Tax return information is often complex and difficult to interpret. Whether its public availability benefits unsophisticated users remains an empirical question. This study examines whether public disclosure of tax return information affects information asymmetry among more- and less-...

Although much is known about non-GAAP earnings disclosures, little is known about other non-GAAP measures. Approximately one in five earnings announcements includes a non-GAAP revenue measure, and these disclosures have recently attracted SEC scrutiny. Because revenue, unlike earnings, is a...

The objective of voluntary disclosure regulation is to mitigate information asymmetry between the management and outside users. However, prior studies on voluntary disclosures provide mixed evidences on managers' incentives. Using a setting of voluntary non-GAAP EPS reporting, this study...

This paper presents a model of voluntary disclosure in which the manager's information about the firm's value is granular, i.e., consists of a large random number of imprecise signals. Using an argument in the spirit of the Bernstein-von Mises theorem, we show that there exists a simple...