We use machine learning methods to create a comprehensive measure of credit risk based on qualitative information disclosed in conference calls and in management's discussion and analysis section of the 10- K. In out-of-sample tests, we find that our measure improves our ability to predict...

Measuring the extent of news segmentation is important because it could be a source of investor disagreement. However, for news segmentation to arise, news must have room for interpretation. I infer both room for interpretation and news outlet characteristics from earnings announcement coverage...

We build a modified measure of disaggregation quality (MDQ), based on the disaggregation quality (DQ) measure from Chen, Miao, and Shevlin (2015). Like DQ, MDQ is a parsimonious measure of data disaggregation quality in the annual report that can be constructed through the percentage of...

We explore whether the transparency in banks' lending activities enhances the harmonization of credit terms that a bank offers across its different geographic regions. We take advantage of a novel loan-level reporting initiative by the European Central Bank, which requires repo borrowing banks...

We explore whether the transparency in banks' lending activities enhances the harmonization of credit terms that a bank offers across its different geographic regions. We take advantage of a novel loan-level reporting initiative by the European Central Bank, which requires repo borrowing banks...

We explore whether the transparency in banks' lending activities enhances the harmonization of credit terms that a bank offers across its different geographic regions. We take advantage of a novel loan-level reporting initiative by the European Central Bank, which requires repo borrowing banks...

This paper discusses empirical evidence on the economic consequences of mandatory adoption of International Financial Reporting Standards (IFRS) in the European Union (EU) and provides suggestions on how future research can add to our understanding of these effects. Based on the explicitly...