Prior research indicates that expanded audit reports, which disclose financial statement matters that involved especially challenging, subjective, or complex auditor judgment (known as critical audit matters [CAMs] in the U.S.), have fallen short of their objective to provide investors with...

We examine the role of corporate boards of directors in shaping disclosure tone in 10-K filings. Boards of directors play an important governance role with respect to mandatory disclosures and personally sign off on Form 10-K, leading us to expect directors to influence financial reporting...

Starting in 2020, the SEC requires firms to disclose human capital information material to their operations. Many firms discuss their commitment to employee-level diversity, equity, and inclusion (DEI) in their human capital disclosures. We examine whether these disclosures reflect credible...

In this paper, we analyze the real effect of financial statement tax disclosures on corporate innovation activities. In 2007, the FASB enacted FIN 48, which mandates the separate and more detailed disclosure of reserves for unrecognized tax benefits (UTBs). Using patent applications as a measure...