We document a growing disparity in earnings disclosure mechanisms. Firms are increasingly disclosing earnings announcements (EA) concurrently with the 10-K filing instead of first issuing a ‘stand-alone' EA. Firm adoption of concurrent EA/10-Ks is associated with lower investor sophistication,...

We document that the conventional disclosure practice of ‘stand-alone' earnings announcements (EAs), which preempt 10-K filings, is steadily disappearing over time. Instead, firms are increasingly adopting the disclosure strategy of releasing the EA concurrently with the 10-K. We first examine...

This study examines whether the improvement in analyst forecast accuracy around mandatory IFRS adoption is associated with the improvement in the accuracy of financial statement-based forecasts. We find significant out-of-sample improvement in financial statement-based forecast accuracy around...

We hypothesize that firms are less likely to disclose information regarding a material negative economic event for which the firm is likely to be blamed than for a negative economic event for which the firm is likely to be perceived as blameless. We identify 383 material negative economic events...

In addition to disclosure regulation, the Securities and Exchange Commission (SEC) periodically intervenes in the market making process to facilitate fair, orderly, and efficient capital markets. For example, responding to calls for increased market maker competition on the Nasdaq in the early...

We examine the association between I/B/E/S's disclosure of non-GAAP earnings and investor uncertainty around earnings announcements. On one hand, investor uncertainty may decrease with I/B/E/S's non-GAAP disclosure because these disclosures make investors aware of alternative performance...

This paper provides evidence on the information content of newly mandated qualitative Human Capital Disclosure (HCD) to equity and bond investors. We hand-collect and code the HCD of 1,636 firms from their 10-K filings based on the first year of the mandatory disclosure requirement. We first...

This study examines the role of the external audit in management's decision about the amount of GAAP financial statement information to disclose in the annual earnings announcement. The earnings announcement is a key disclosure provided by public companies. Yet, there is no requirement that...