We use unsupervised machine learning techniques of natural language processing to measure the semantic relatedness of firms’ narrative risk disclosures (NRD) in the “risk factor” section of their annual reports. We find strong return predictability among firms with overlapping NRD. This...

We study how the spillover of peer firms’ litigation risk affects a focal firm’s voluntary disclosure. We find that focal firms facing greater litigation risk spillovers reduce disclosure activities by lowering both the likelihood of issuance and the frequency of management earnings...

We employ a sharp regression discontinuity design to identify the causal effects of investor base disclosure on funding success and post-funding outcomes. Starting from February 2016, Kickstarter discloses backer statistics including geographic locations and previous funding experience of the...

The relation between product-market competition and voluntary corporate disclosure is fundamental, but empirical evidence of this relation has been mixed. One reason for the mixed evidence could be that both competition and disclosure are multidimensional. In this study we introduce a...

We study how the spillover of peer firms’ litigation risk affects a focal firm’s voluntary disclosure. We find that focal firms facing greater litigation risk spillovers reduce disclosure activities by lowering both the likelihood of issuance and the frequency of management earnings...

We test the hypothesis that less transparency in financial disclosures is an undesirable firm attribute that increases the amount of information and unemployment risk that employees bear, resulting in a wage premium. Using establishment-level wage data from the U.S. Census Bureau, we document...

We examine how concurrent enforcement changes affect the positive relationship between mandatory IFRS adoption and firms' voluntary disclosure. We show that the increase in the issuance of management forecasts after IFRS adoption is smaller for firms from IFRS-mandating countries with concurrent...