Prior research on strategic corporate disclosure in good times versus bad often produces divergent inferences when focusing on selected channels and different disclosure windows. In this paper, we instead study a comprehensive set of corporate disclosure channels over the annual disclosure...

This paper examines the interplay between the SEC and misconduct firms under the modified leniency program of 2010. In contrast to prior research that finds the SEC penalizes cooperative violators prior to 2010, we show that the Commission now rewards cooperation after 2010. The post-2010 change...

We derive a measure of earnings management cost and the associated equilibrium level of earnings management from the cross-sectional properties of earnings and prices. This approach enables us to separate economic shocks from reporting discretion by modeling the economic trade-off faced by...