... and a path model that links the factors. We discuss SEM’s components, estimation, advantages, best practices, and limitations. We illustrate SEM with an application to disclosure research. Unlike some prior research, we find voluntary disclosure quality is negatively associated with cost of capital, both...

... to the firm’s Form C filing on EDGAR. In recent years, platforms have begun to incorporate a “financials” section at the end of the offering page that populates with the data a company submits on Form C. ⁵ equity crowdfunding regulation crowdfunding voluntary disclosure...

... are more volatile, and thus compensates the manager in the event that more truthful disclosure leads to incremental volatility in general. For our measure of managers' revelation of private information, we focus on the accuracy of managers' most salient voluntary disclosure, management earnings...

...Young Jun Cho; David Tsui; Holly I. Yang ABSTRACT Prior literature suggests that voluntary disclosures of forward-looking information tend to lead to capital market benefits, but these disclosures may also result in negative capital market consequences if subsequent performance falls below...

...Andrew C. Call; Adam M. Esplin; Bin Miao ABSTRACT We examine a form of voluntary disclosure that has received limited attention to date, namely, managers' long-term guidance for earnings three to five years in advance. We identify 1,739 long-term earnings forecasts issued by 295 unique firms from...

... voluntary disclosure during the two years preceding a new cross-listing, rather than during the earlier time periods or the period after cross-listing, and such voluntary disclosure helps firms attract more foreign institutional ownership in their cross-listing target countries. Collectively, our evidence...

... sellers for a subsample of U.S. firms, and investigate whether this was associated with changes in the voluntary disclosure of bad news by firms. We focus on three dimensions of voluntary disclosure: the likelihood that bad news is voluntarily disclosed by firms, the timing of any voluntarily disclosed...

... September 2015 American Accounting Association 2016 self-serving attribution bias overconfidence voluntary disclosure earnings guidance earnings forecasts survey Libby and Rennekamp (2012) propose and test whether managerial overconfidence contributes to the decision...