This study examines the effect of the Jumpstart Our Business Startups Act (JOBS Act) on information uncertainty in IPO firms. The JOBS Act creates a new category of issuer, the Emerging Growth Company (EGC), and exempts EGCs from several disclosures required for non-EGCs. Our findings are...

Before 2007, in Germany was the enforcement of the publication of financial statements very weak and disclosure rates were low. Afterwards, a new area of the publicity of financial statements began. Based on an EU-directive the disclosure of financial statements was transferred into a new...

Defining and measuring readability in the context of financial disclosures becomes important with the increasing use of textual analysis and the SEC's plain English initiative. We propose defining readability as the effective communication of valuation relevant information. The Fog Index — the...

This study examines the informativeness of firm disclosures related to COVID-19 in earnings conference calls and annual reports (10-K) during the first quarter of 2020 when firms face tremendous uncertainty and little regulatory guidance. We find that investors react to COVID-19 related...

We define a delayed disclosure ratio (DD) as the fraction of 10-Q financial statement items that are withheld at the earlier quarterly earnings announcement. We find that higher DD firms have a greater delay in investor and analyst response to earnings surprises: (i) the fraction of total market...

This study investigates the effect of a security regulation that occurs concomitantly with International Financial Reporting Standards (IFRS) adoption on the information content of earnings announcements in Italy. To identify the effect of this regulation, we use a treatment (i.e., Italy) and a...

In this study we address the ongoing debate as to whether the competition among the world's major exchanges through simplified disclosure requirements is justified. Companies from across the globe have a choice of cross-listing shares as either American or Global Depositary Receipts (ADRs and...

Different from prior studies which discussed the relationship between GAAP and pro forma earnings from the informativeness perspective, this study presents a detailed discussion about the importance of presentation arrangements of pro forma disclosures. The results show that managers are able to...

Based on the ongoing disclosure overload debate, this paper investigates how deregulation-driven decreases in quarterly disclosure affect information asymmetry. We exploit a German setting in which the minimum content requirements for quarterly reporting have been reduced for firms listed in the...