The study investigates the effect of press coverage on voluntary disclosure in the narrative sections of annual reports of Australian and Chinese listed companies. A combination of the legitimacy theory and media agenda setting theory is employed to examine their application in the context of...

The countervailing effect of MiFID II’s unbundling provision, which requires brokerages to separate research costs from trading execution costs, on the capital market has led to controversies about its efficacy and its potential rollback. In this paper, we examine the role of firms’...

State and local governments are not subject to Securities and Exchange Commission (SEC) regulations requiring compliance with generally accepted accounting principles (GAAP). It was only in 1980 that Standard & Poor's issued a policy statement indicating a failure to conform with GAAP would be...

Disclosures about R&D activities could potentially help market participants understand the future prospects of R&D intensive firms, but at the same time could be costly to make if the disclosure is related to proprietary information. I examine R&D-related disclosures made by R&D intensive firms...

This paper studies the general information disclosure model (Grossman, 1981; Milgrom, 1981) relaxing the assumption of monotonicity in preferences. I apply the belief-based approach, which is developed in Bayesian persuasion (Kamenica and Gentzkow, 2011) and applied to cheap talk (Lipnowski and...

We test the hypothesis that less transparency in financial disclosures is an undesirable firm attribute that increases the amount of information and unemployment risk that employees bear, resulting in a wage premium. Using establishment-level wage data from the U.S. Census Bureau, we document...

We employ a quasi-natural experiment to examine the effect of investor inattention on firms' voluntary disclosure. While prior research focuses on when managers make mandatory disclosures within a given quarter, we examine whether investor inattention influences what managers voluntarily...

We predict and find that regulated firms' mandatory disclosures crowd out unregulated firms' voluntary disclosures. Consistent with information spillovers from regulated to unregulated firms, we document that unregulated firms reduce their own disclosures in the presence of regulated firms'...

In response to the increasing use of computer programs to process firm disclosures, this registered report develops a new measure of “scriptability” that reflects computerized, rather than human, information processing costs. We validate our measure using SEC filing-derived data from prior...

This paper examines the effect of Korea’s fair disclosure regulation on the timeliness and informativeness of earnings announcements. The present regulation for Korean listed firms requires that if a company's sales revenue, operating income (or loss) and net income (or loss) have changed by...