We examine the “confirmation” hypothesis, that audited, backward-looking financial outcomes and disclosure of managers' private forward-looking information are complements, because independent audit disciplines and hence enhances disclosure credibility. Committing to higher audit fees (a...

We examine the 'confirmation' hypothesis that audited financial reporting and disclosure of managers' private information are complements, because independent verification of outcomes disciplines and hence enhances disclosure credibility. Committing to higher audit fees (a measure of financial...

This study examines the effect of the mandatory adoption of International Financial Reporting Standards (IFRS) on voluntary disclosure. Using a difference-in-differences analysis, we document a significant increase in the likelihood and frequency of management earnings forecasts following...

This study examines how firms' voluntary disclosure decisions are influenced by product market competition. Using separate measures to capture different dimensions of competition, I show that competition from potential entrants increases disclosure quantity while competition from existing rivals...

We show that the 2004 SEC regulation requiring more frequent disclosures from active mutual funds unintendedly increased the profitability of trading by another set of informed investors, namely insiders. Cross-sectional analyses suggest that this increase in insiders' profits is due to mutual...