... 2024 algorithmic trading high-frequency trading voluntary disclosure management forecasts THE ACCOUNTING REVIEW Vol. XX, No. XX MONTH YEAR pp. 1 29 American Accounting Association DOI: 10.2308/TAR-2022-0080 The Effect of Algorithmic Trading on Management Guidance Andrew Stephan University...

... denominator GAAP diluted EPS voluntary disclosure SEC comment letters THE ACCOUNTING REVIEW Vol. XX, No. XX MONTH YEAR pp. 1 28 American Accounting Association DOI: 10.2308/TAR-2021-0554 Non-GAAP EPS Denominator Choices Kurt H. Gee The Ohio State University Thomas J. Linsmeier University of Wisconsin...

...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...

...: All data are available from sources identified in the paper. JEL Classifications: M41; M43. accounting complexity non-GAAP earnings XBRL GAAP voluntary disclosure The voluntary disclosure of non-GAAP earnings metrics is at an all-time high and continues to be heavily debated...

...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...

... 2022 2023 investment horizon voluntary disclosure disclosure policy information asymmetry Third, our work relates to the literature on managers’ horizons and firms’ disclosure choices. Brochet, Loumioti, and Serafeim (2015) and Call, Chen, Miao, and Tong (2014) find...

... understanding of the informativeness of management summaries is important for investors, firms, and regulators considering the role of these presentations in capital markets. voluntary disclosure IPO roadshow managerial presentations textual analysis S-1 filings 2023 28 02 2020 02...

.... However, non-GAAP financial measures encompass more than earnings or other subtotals, and evidence on such other measures is scarce. non-GAAP financial measures revenue voluntary disclosure predictive value confirmatory value standard setting regulatory scrutiny 2022 1 6 2020...

...) 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 The relation between a firm's disclosures and its risk premium has been studied extensively. A number of theoretical models predict that better disclosure will be negatively associated...

... VI derives empirical implications, and Section VII concludes. Proofs are in Appendix A. Voluntary disclosure has long been a central theme of both analytical and empirical accounting research ( Beyer, Cohen, Lys, and Walther 2010 ; Verrecchia 2001 ). This literature examines the breakdown...

... ante disclosure commitments) negating any role for real decisions to manage information flow, and conducts the analysis in a setting devoid of competitive considerations. Of course, how production cuts tie in to ex post voluntary disclosures in managing the competitive landscape forms the crux...

...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...

...Mark Bagnoli; Susan G. Watts ABSTRACT Public information that becomes available after a manager's initial voluntary disclosure decision creates incentives for her to reconsider and possibly change that decision. We show that if she has private information that is value-relevant or that impacts...

... matters audit committee oversight management disclosure voluntary disclosure information risk expanded auditor's reports key audit matters extended auditor's reports risk disclosure We examine how management's disclosures about subjective financial reporting issues depend jointly...