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We show that a firm's one-year-ahead capital investments and inventory increase (decrease) when peer firms' MD&A narratives become more optimistic (pessimistic). This finding is driven by firms that access peer firms' 10-K filings within seven days of filing, and remains after controlling for...
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The release of earnings information has become less timely in recent years partly because firms increasingly disclose earnings concurrently with their periodic reports (e.g., 10-Ks, 10-Qs). We examine whether firms use voluntary disclosure to mitigate the negative economic consequences of less...
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This paper examines whether the change in stock liquidity subsequent to voluntary disclosure is different between good news and bad news. Using voluntary 8-K filings, we find that the increase in stock liquidity is more pronounced for firms with good news disclosure than for firms with bad news...
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