This study examines the impact of integral emotions on portfolio decisions and asset prices. Using a new dictionary of anxiety- and excitement-related keywords, we measure the emotional state of the market and compute firm-level sensitivity to changes in market-level emotions (i.e., emotion...

We examine whether board independence improves the readability of annual reports. Using a sample of 11,938 firm-year observations over the period 1997–2016, we empirically show that board independence decreases the readability of annual reports. This result is consistent with the notion of...

We study product market competition’s influence on annual report readability. As competition increases in an industry, our findings show that firms reduce the readability of their annual reports. We further document that the impact of competition on annual report readability is stronger for...

The global decline in ocean fisheries stocks, including those of wild fish, has given impetus to the rapid growth of seafood produced by aquaculture, as well as of farmed fish (FF). However, continuous asymmetric information leads to consumer ambiguity and confusion regarding their knowledge of...

This article investigates the relation between corporate dividend policy and tax avoidance. The payment of dividends facilitates the transfer of corporate resources, usually cash, from the company to its shareholders. An important aspect of dividend policy is that it is used to address agency...