This paper examines pricing differences across recognized and disclosed fair values. We build on prior literature by examining two theoretical causes of such differences: lower reliability of the disclosed information, and/or investors' higher related information processing costs. We examine...

This paper examines how changes in firms’ risk disclosures affect a key market measure of risk. Our proxy for changes in risk disclosures is the addition and removal of individual risk factors to firms’ 10-K annual filings, identified via textual analysis of the risk factors section. Our...

This study examines the effect of regulatory approval on a firm’s voluntary product-level disclosures. We focus on the US biotechnology industry, a setting which allows direct observation of whether firms disclose more information as products proceed through well-defined—though successively...