We construct a new, parsimonious, measure of disclosure quality — disaggregation quality (DQ) — and offer validation tests. DQ captures the level of disaggregation of accounting data through a count of nonmissing Compustat line items, and reflects the extent of details in firms' annual...

We construct a new, parsimonious, measure of disclosure quality – disaggregation quality (DQ) – and offer validation tests. DQ captures the level of disaggregation of accounting data through a count of non-missing Compustat line items, and reflects the extent of details in firms' annual...

Individual investors often neglect value-relevant accounting information and instead underperform by trading on technical trends. We investigate the frictions that impede individual investors' use of accounting information, and in particular their costs of monitoring and acquiring accounting...

We investigate the frictions that impede individual investors' use of accounting information and, in particular, their costs of monitoring and acquiring accounting disclosures. We do so using an archival setting in which individuals are presented with automated media articles that report both...