Purpose: Few studies have focused on emerging markets owing to difficulties in identifying the real effect of disclosures on these economies. To fill this gap, this paper investigates the main drivers for risk disclosure quality for Chinese financial firms, and further studies the impact of such...

This paper examines how deviation from firms' target leverage influences their decisions on undertaking foreign acquisitions. Using a sample of 5,746 completed bids by UK acquirers from 1987 to 2012, we observe that over-deviated firms are more likely to acquire foreign targets. Consistent with...

This paper provides a wide-ranging and up-to-date (1997-2016) review of the archival empirical risk-reporting literature. The reviewed papers are classified into two principal themes: the incentives for and/or informativeness of risk reporting. Our review demonstrates areas of significant...

Upon extracting and quantifying relevant hedge information from the narrative section of European banks annual reports, this paper examines the impact of such information on cost of capital [as measured by weighted average cost of capital (WACC), cost of equity (COE) and cost of debt (COD)]....

This paper uses a supervised machine learning algorithm to extract relevant (soft) information from annual reports and examines whether such information determines credit risk (as measured by non-performing loans, Ohlson’s O-score, Altman’s Z-score, and credit rating downgrades). The paper...

This paper investigates whether risk-related disclosure, which includes aggregate risk disclosure and its tone, including upside and downside risk disclosures, is value relevant for investors in the UK market. Based on 1941 firm-year observations for nonfinancial firms listed on the FTSE...

This paper observes separately and jointly the impact of international financial reporting standards (IFRS) and/or board of directors’ independence on accounting conservatism in FTSE 100 non-financial firms between 2002 and 2007. By using Givoly and Hayn’s (2000) accrual-based measure of...

This paper investigates the extent to which firms’ stock prices may incorporate aggregate risk disclosure levels differently depending on its time orientation, whether forward-looking or non-forward-looking. Using a sample period of ten years for the UK FTSE all-share non-financial firms, this...