Prior research has documented that the market responds to quarterly updates to annual risk factor disclosures at the time of release, suggesting quarterly risk factor updates provide informational value to investors. In this study, we examine whether future returns are associated with quarterly...

This paper investigates empirically the effect of ownership concentration on corporate disclosure choice in Bangladesh. In an environment of weak enforceability of laws, corporate culture in Bangladesh is characterized by family control and concentrated ownership. Controlling shareholders...

Using U.S.-listed Chinese firms as the setting, this paper studies a novel channel through which investors can acquire information about firms' financial reporting quality, that is, the reports published voluntarily by short sellers. I find that short sellers tend to target firms that have...

Standard setters explicitly state disclosure should not substitute for recognition in financial reports. Consistent with this directive, prior research shows investors find recognized values more pertinent than disclosed values. However, it remains unclear whether reporting items are recognized...

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...

I examine a fundamental determinant of accounting information: how underlying data are disaggregated. For this, I create a measure of industry disaggregation, which is the extent to which underlying industries map onto segment disclosures. To identify underlying industries, I apply a deep...

I examine how mandatory extraction payment disclosures (EPD) ─ a policy solution intended to discourage corporate payment avoidance in the oil, gas, and mining industries ─ affect fiscal revenue contributions and investments by multinational firms in foreign host countries. Using the...

Dodd-Frank Act of 2010 eliminated a Regulation Fair Disclosure rule, which allowed U.S. public companies to make selective disclosures to credit rating agencies (CRAs). However, CRAs and legal experts argue that given the other provisions in Regulation Fair Disclosure, which allow companies to...

This paper studies financial statement consistency--the purported means to comparability--from an information perspective. We model consistency as firms' required propensity to apply common accounting methods to individual transactions, and show that it creates information spillover through...

This paper investigates the impact of margin trading on firms' financial reporting. Using a difference-in-differences (DID) approach that exploits staggered elimination of margin trading bans, it reports a significant effect of margin trading on earnings management. Treated firms increase...