This study provides evidence regarding the importance boards of directors place on effective communication with the investor community by examining whether CEO and CFO compensation are related to the quality of the firm's financial disclosures. Using an index derived from analyst forecast...

We investigate the relation between investor horizon and disclosure policy. We develop and analyze a rational expectations model where the original investors commit to a disclosure policy. Counter to casual intuition, short-horizon investors prefer more disclosure and are willing to bear costs...

There are several measures of equity compensation that may provide shareholders with distinct and useful information for evaluating CEO pay. We examine whether shareholders consider additional disclosures of equity compensation measures beyond the grant date fair value when participating in...

We use a 2006 Securities and Exchange Commission regulation that requires firms to disclose the numerical target for executive bonus plans to examine how firm-specific measures of proprietary costs and board member's reputation concerns influence a firm's disclosure decisions. Using a composite...

This study examines the association between U.S. Census industry concentration measures and the informativeness of corporate disclosure policy. We find that in more concentrated industries firms' management earnings forecasts are less frequent and have shorter horizons, their disclosure ratings...