This study investigates the effect of a security regulation that occurs concomitantly with International Financial Reporting Standards (IFRS) adoption on the information content of earnings announcements in Italy. To identify the effect of this regulation, we use a treatment (i.e., Italy) and a...

This paper contributes to the debate on the consequences of increased disclosure regulation by investigating the effects of expedited reporting requirements of Form 4 filings, mandated by the Sarbanes-Oxley Act (SOX), on the market response to earnings announcements. We first confirm that SOX...

Using a dataset constructed from the EDGAR database, this study investigates whether the timing of filing 10-Ks contains useful information to investors. We argue and find that firms with better earnings news are more likely to file their 10-Ks early. We further show that firms experience...

This paper examines the relation between voluntary disclosure of financial statement line items accompanying, and insider trading around, quarterly earnings announcements. We find that investors' reaction to positive earnings news is temporarily heightened by financial statement line items...

We examine whether a shock to the enforceability of Regulation Fair Disclosure (Reg FD) limited its ability to restrict the flow of private information between managers and investors. Although prior work provides evidence that Reg FD reduced managers’ selective disclosure of material...

We examine whether a shock to the enforceability of Regulation Fair Disclosure (Reg FD) limited its ability to restrict the flow of private information between managers and investors. Prior work provides evidence that Reg FD reduced managers' selective disclosure of material information...

We examine the role of concurrent information in the striking increase in investor response to earnings announcements from 2001 to 2016, as measured by return variability and volume following Beaver (1968). We find management guidance, analyst forecasts, and disaggregated financial statement...

This analysis identifies a distinct immediate announcement period negative relation between earnings announcement surprises and aggregate market returns. Such a relation implies that market participants use earnings information in forming expectations about expected aggregate discount rates and,...

The purpose of this paper is to update and re-examine the role of corporate narrative reporting in improving investors' ability to better forecast future earnings change. We also construct a risk factor for disclosure quality (DQ) and test whether such a factor is useful in explaining the...

This study examines the impact of Regulation G in 2003 and the issuance of Compliance and Disclosure Interpretations (C&DIs) in 2010 – on the reporting of non-GAAP earnings. The study finds that (i) both Regulation G and C&DIs are associated with an increase in the quality of non-GAAP earnings...