It is suggested in this article that a firm's mandatory disclosure policy can be summarized in a single factor characterizing the type of firm. For voluntary disclosure policy a firm-size variable should be included in the model, in addition to the firm-type factor. The fit of the capital...

There is a wealth of evidence of a certain delay in the market's adjustment to published earnings information. However, there is a shortage of studies focusing on whether this behaviour can be explained at least partially by the level and quality of disclosures released together with earnings....