...Eunhee Kim; Suil Pae ABSTRACT This paper presents a costly voluntary disclosure model in which the information quality of a signal about a firm’s future cash flow is unknown, where the information quality, also called signal quality, refers to signal precision. Disclosure plays a dual role in firm...

... 2024 05 11 2024 2024 entry regulator self-sabotage voluntary disclosure THE ACCOUNTING REVIEW Vol. XX, No. XX MONTH YEAR pp. 1 20 American Accounting Association DOI: 10.2308/TAR-2024-0146 Seemingly Self-Sabotaging Disclosures Anil Arya The Ohio State University Ram N. V. Ramanan...

... Knechel. 25 08 2021 23 04 2024 02 05 2024 2024 non-GAAP financial measures non-GAAP EPS denominator GAAP diluted EPS voluntary disclosure SEC comment letters This study examines the number of shares firms use in the denominator of non-GAAP earnings per share...

.... algorithmic trading high-frequency trading voluntary disclosure management forecasts Algorithmic trading (AT) uses computer programs to automate the submission and cancelation of orders in financial markets ( Hendershott, Jones, and Menkveld 2011 ). Already comprising more than 50 percent...

...Vincent Castellani; Karl A. Muller, III; K. J. Park ABSTRACT SPACs are formed to combine with and provide a private firm public trading status and a capital infusion. Firms that enter the public market through a SPAC combination are believed to possess greater voluntary disclosure discretion than...

... and fair value changes when the associated disclosures are complex. The voluntary disclosure of non-GAAP earnings metrics is at an all-time high and continues to be heavily debated ( Bentley, Christensen, Gee, and Whipple 2018 ). Managers argue and regulators acknowledge that non-GAAP disclosures...

...Heidi A. Packard; Andrea Pawliczek; A. Nicole Skinner ABSTRACT This paper examines voluntary disclosure in the context of shareholder scrutiny of executive compensation contracts. We find that firms voluntarily increase discussion of their performance within their CD&A disclosures when peer...

...Novia X. Chen; Sabrina Chi; Terry Shevlin ABSTRACT Disclosure theory predicts that the likelihood of voluntary disclosures increases with the noise level in mandatory disclosures. We test this prediction by exploiting a unique setting where firms simultaneously provide two forecasts of the same...

... around the conference to “hype” the stock. We find that (1) managers increase the quantity of voluntary disclosure leading up to the conference, (2) these disclosures are more positive in tone and increase prices to a greater extent than post-conference disclosures, and (3) these disclosures are more...

.... Glover, under the Senior Editorship of Mary E. Barth. 03 11 2021 10 10 2022 01 11 2022 2023 investment horizon voluntary disclosure disclosure policy information asymmetry Our study also provides new evidence on the disclosure practices of IPO firms, which...

..., finding that roadshow language predicts future accounting performance, whereas filing language does not. These results highlight the informational role of management presentations, despite the flexibility they grant managers. JEL Classifications: M41; G10; M13. voluntary disclosure IPO roadshow...

.... Editor's note: Accepted by David Veenman. 1 6 2020 1 2 2022 2022 non-GAAP financial measures revenue voluntary disclosure predictive value confirmatory value standard setting regulatory scrutiny Third, our evidence is relevant for regulators and standard setters...

...) and low proprietary costs from a supplemental voluntary disclosure (wherein the firm discloses its nonaggressive tax planning), firms are likely to voluntarily disclose information that both preempts and supplements the government's mandatory disclosure. Thus, when mandatory disclosures are incomplete...

...Matthias Breuer; Katharina Hombach; Maximilian A. Müller ABSTRACT We predict and find that regulated firms' mandatory disclosures crowd out unregulated firms' voluntary disclosures. Consistent with information spillovers from regulated to unregulated firms, we document that unregulated firms...

... 2022 expected returns risk premium cost of capital growth voluntary disclosure mandatory disclosure Following our primary firm-level analyses, we introduce an additional disclosure measure intended to conform more closely to the disclosure environment characterized in several...

... presents the base model and analyzes the equilibrium. Section IV analyzes shareholders' payoff and social welfare. Section V analyzes the extended model. Section VI derives empirical implications, and Section VII concludes. Proofs are in Appendix A. takeovers voluntary disclosure winner's curse...

... financial experts stock market feedback voluntary disclosure The stock market reaction to a firm's actions can convey vital and timely information to a variety of strategic constituents, including the firm's suppliers, downstream distributors, capital providers, labor unions, and even competitors...

...Leila Peyravan; Regina Wittenberg-Moerman ABSTRACT We investigate how institutional (non-commercial bank) investors that simultaneously invest in a firm's debt and equity (dual-holders) influence the firm's voluntary disclosure. Because institutional dual-holders trade on private information...

...Riddha Basu; James P. Naughton; Clare Wang ABSTRACT We find that corporate credit rating changes have an effect on firms' voluntary disclosure behavior that is independent of the information they convey about firm fundamentals. Our analyses exploit two separate quasi-experimental settings...

...Shuping Chen; Bin Miao; Kristen Valentine ABSTRACT We examine the voluntary disclosure behavior of peer firms of hostile takeover targets. We find that peer firms under control threat use a disclosure strategy that emphasizes bad news: they provide more bad news forecasts, tend to bundle bad news...