We re-examine prior studies' findings concerning the effects of Regulation Fair Disclosure (Reg FD) on properties of US firms' information environments. Our study's innovation is the identification of a sample of industry- and size-matched foreign listed firms (ADRs) explicitly exempt from the...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>We investigate the relations among voluntary disclosure, earnings quality, and cost of capital. We find that firms with good earnings quality have more expansive voluntary disclosures (as proxied by a self-constructed index of coded items found in 677 firms' annual reports and 10-K...