Technological advances are creating a shift in the information disclosure environment allowing more investors to interact with management. We examine three key levels of trader-management interaction to assess the accuracy of traders' market-tested value estimates and resulting market price....

We study real-efficiency implications of disclosing public information in a model with multiple dimensions of uncertainty where market prices convey information to a real decision maker. Paradoxically, when disclosure is about a variable that the real decision maker cares to learn, disclosure...

This study examines how private communication among competitors shapes their public disclosures. Theories at the intersection of accounting and industrial organization suggest that competing firms can use public disclosure to coordinate, and predict a substitutive relation between private...

Using a large set of restatement announcements and regulatory filings by U.S.-listed firms between 2003 and 2009, we find evidence that managers aim to reduce litigation risk by (1) bundling negative information, such as earnings restatements, with other public announcements, and (2) leaking...

This paper examines the textual characteristics of firms' 10-K filings over a 20 year time period. We find that investors' reaction to textual characteristics of the MD&A in 10-Ks is much stronger and more timely than their reaction to textual characteristics of the notes to the financial...

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...

How does the possibility of being taken over affect a manager’s voluntary disclosure? This paper analyzes this question in a setting where the manager’s disclosure complements the rival’s expertise and influences the probability the firm is taken over by a rival. The threat of being...

Many firms use relative stock performance to evaluate and incentivize their CEOs. We provide evidence that these firms routinely disclose information that harms peers’ stock prices. Consistent with deliberate sabotage, peer-harming disclosures appear to be aimed at the peers whose stock price...

This paper examines the relation between voluntary disclosure of financial statement line items accompanying, and insider trading around, quarterly earnings announcements. We find that investors' reaction to positive earnings news is temporarily heightened by financial statement line items...

I provide a general framework of firms' financial communication process and investor response to information, moving from disclosure through dissemination to investor response and management response. I then discuss the entrance of social media into firm communications, highlighting both classic...