This study investigates recent reforms in financial reporting enforcement in Germany. The objective of these reforms was to promote a consistent and faithful application of accounting standards. Using a differences-in-differences approach, we find some evidence of a decrease in earnings...

This study examines the determinants of Facebook activity levels with a particular focus on Facebook activity around earnings announcements. Facebook activity is generally higher for firms with higher levels of analyst following, individual ownership, and trading volume, indicating that it is...

This study examined the relation between the volume of earnings disclosures by firms and aggregate stock market trading activity. Although the relation between the trading activity experienced by disclosing firms and announcement volume is negative, consistent with the firm level evidence of...

This study examines the determinants of Facebook activity levels with a particular focus on Facebook activity around earnings announcements. Facebook activity is generally higher for firms with higher levels of analyst following, individual ownership, and trading volume, indicating that it is...

Drawing on the extensive economics literature on wage rigidity, we examine CEO bonus rigidity and, in particular, the implications of downward bonus rigidity for future performance. We first document distributional support for downward rigidity in bonus payments. More importantly, we find that...

This study examines the effects of social capital on firm voluntary disclosure. We find that firms headquartered in the U.S. counties with higher levels of social capital provide more voluntary disclosure than firms in the counties with lower levels of social capital. We further find that this...

The use of observed transaction sizes to differentiate between “small” and “large” investor trading patterns is widespread. A significant concern in such studies is spurious effects attributable to misclassification of transactions, particularly those originating from large investors....

This analysis identifies a distinct immediate announcement period negative relation between earnings announcement surprises and aggregate market returns. Such a relation implies that market participants use earnings information in forming expectations about expected aggregate discount rates and,...