...Gurpal S. Sran ABSTRACT I study disclosure choices in job postings and the following tradeoff: detailed postings inform and attract optimal job applicants (labor market channel) but could simultaneously inform competitors in labor and product markets (proprietary costs channel). First, I provide...

...Rustam Zufarov ABSTRACT I examine whether and to what extent firms credibly disclose proprietary private information ahead of seasoned equity offerings. I assess proprietary information disclosures based on the magnitude of the association between a private information-based proxy and stock...

...Xu Jiang; Yan Xiong ABSTRACT We study voluntary cost disclosure by duopoly firms when they can invest in a cost-reduction technology, i.e., when their private cost is endogenously determined. We find that, contrary to most of the literature, firms disclose their endogenous cost information...

...Tyler Atanasov ABSTRACT This paper presents a unifying model of disclosure in the presence of competitors and supply market reliance to examine the role of multisegment operations on disclosure choice. A firm’s private information can have varying demand implications for its own portfolio...

... of campaign-specific private information quality and short-selling dynamics in shaping disclosure incentives. We predict that the act of disclosure combined with pre-disclosure stock lending dynamics is informative about the quality of an activist’s private information. We find that increased pre-disclosure...

... Knechel. 13 09 2022 05 02 2024 27 02 2024 2024 disclosure information spillovers reporting manipulation bias Informational spillovers are a pervasive feature of financial markets. Firms’ public dissemination of information allows competitors and other market...

...John Bai (Jianqiu); Ting Chen; Xiumin Martin; Chi Wan ABSTRACT We employ a sharp regression discontinuity design to identify the causal effects of investor-base disclosure (IB DISCLOSE) on funding outcomes and entrepreneurship success. Since February 2016, Kickstarter has disclosed IB information...

...Yen-Cheng Chang; Kevin Tseng; Tzu-Wen Yu ABSTRACT Access to firms’ innovation outputs determines the extent of knowledge spillover that poses risk to innovation appropriability. We provide plausibly causal evidence that processing costs of financial disclosures, which inform users of the economic...

...Alexandra A. Scherf ABSTRACT Public corruption is a concern for democracies around the world. In the U.S., states have responded to this issue by publishing personal financial disclosures (PFDs) for public officials online. PFDs are a conflict-of-interest disclosure designed to relieve agency...

...Andrea Pawliczek; A. Nicole Skinner; Sarah L. C. Zechman ABSTRACT We examine how disclosure and manager reputation influence capital raised when there is no commercial substance underlying the investment. Special Purpose Acquisition Companies (SPACs or “blank check” companies) do not have...

...John B. Donovan; Andrew S. McMartin; Matthew A. Phillips ABSTRACT We study whether recognition versus disclosure affects debt contracting using SFAS 158 as a setting. Upon recognition of previously disclosed pension liabilities, we find that debt contracts of firms that have high pension...

... standards harmonization correlated reporting noises beauty contest investment externality information spillover disclosure IFRS adoption We also consider an extension to explore whether it is necessary to mandate harmonized accounting standards versus leaving the choices to firms. We find...

...Matthew R. Lyle; Edward J. Riedl; Federico Siano ABSTRACT This paper examines how changes in risk disclosures affect uncertainty about risk. We measure changes in risk disclosures using the addition and removal of individual risk factors to firms’ 10-K filings, identified via textual analysis...

...Jeremy Bertomeu; Peicong Hu (Keri); Yibin Liu ABSTRACT Investors have a finite capacity to organize all information they receive from financial disclosures. Under rational inattention, we show that investor processing capacity affects the probability of disclosure. Our main result...

..., our study relates to the studies of contribution sequencing and disclosure by examining the implications of influential contributions and the extent of disclosure regarding those contributions. ¹³ Consider an organization that produces public goods by pursuing one of two missions...

...Maximilian A. Müller; Caspar David Peter; Francisco Urzúa I. ABSTRACT We study whether firms avoid financial disclosures to preserve their owners' financial privacy. We find that firms named after their owner, for whom firm disclosure would more directly expose owner information, are more opaque...

... and supply factors. Overall, our evidence suggests important externalities of micro-level accounting reports, especially qualitative disclosures, on the central bank’s macroeconomic forecasts and, by extension, monetary policy. Data Availability: Data are available from public sources. JEL...

...Davide Cianciaruso; Iván Marinovic; Kevin Smith ABSTRACT We study the impact of asymmetric (i.e., conservative or aggressive) disclosure on a firm’s price in the classic setting in which its stock is traded by risk-averse investors and noise or liquidity traders. We show that asymmetric accounting...

...Musaib Ashraf; Jayanthi Sunder ABSTRACT Data breach disclosure laws are state-level disclosure mandates intended to protect individuals from the consequences of identity theft. However, we argue that the laws help reduce shareholder risk by encouraging managers to take real actions to reduce firms...

...Kevin C. Smith ABSTRACT In this paper, I develop a measure of the difference in the amount of information that investors expect a forthcoming disclosure to contain should it reveal good news versus bad news (the disclosure’s “asymmetry”). To do so, I first show that this asymmetry is linked...