There is considerable variation across firms and disclosure settings in the level of advance preparation for disclosures. Further, disclosures that involve less preparation are more spontaneous and can affect market outcomes. Despite this, little is known about how spontaneity affects disclosure...

We investigate the relationship between government deficits and corporate tax avoidance. We propose three channels through which government deficits can affect corporate tax avoidance, including (i) perceptions of expected tax enforcement, (ii) managers’ sense of civic duty, and (iii)...

We investigate how government deficits affect corporate-tax avoidance. We find that deficits are positively associated with corporate-tax avoidance, consistent with a deterioration in the government’s finances leading to expectations of weaker tax enforcement or future tax increases. To...

Corporate financial transparency can affect labor markets directly by mitigating information asymmetries and optimizing the matching of heterogeneous firms and employees (matching efficiency channel) and indirectly through the effect of transparency on firms' capital inputs (capital utilization...

This paper analyzes the impact of asset price bubbles on a firm's standard risk measures, including value-at-risk (VaR) and conditional value-at-risk (CVaR). Comparing a bubble and non-bubble economy, it is shown that asset price bubbles cause (i) a firm's VaR and CVaR to decline, but (ii)...

Prior studies find that banks engage in income smoothing to distort financial performancein ways that have implications for capital allocation and regulation. We examine whether banks' incentives to engage in this behavior are reduced by government guarantees, which mitigate concerns about...

Financial transparency can affect labor markets directly by mitigating information asymmetries and optimizing the matching of heterogeneous firms and employees (matching efficiency channel) and indirectly through the effect of transparency on firms' capital inputs (capital utilization channel)....