This study explains the cross-sectional variation in firms' selected assumptions (discount rates and health care cost trend rates) used to measure the obligation for post-retirement benefits other than pensions (PRB) under SFAS No. 106. Our aim is to examine whether managements manger the...

This study uses SFAS No. 106 disclosures to investigate the abilities of post-retirement benefit (PRB) liability components, and annual PRB cost components to explain cross-sectional variation in market-to-book ratios. SFAS No. 106 requires disclosure of the sensitivity of the PRB liability and...

We identify and test motives for corporate pension asset allocations using a proprietary asset allocation database covering the 1988-1994 period. We focus on the question of whether the recognition of additional minimum pension liability in accordance with SFAS No. 87 affects asset allocation....

It is widely agreed that corporate financial reports provide deficient information about intangible assets. However, investors are exposed to substantial information beyond financial reports, such as managers' direct communications to capital markets and analysts' reports. We ask: To what extent...

The study examines the value-relevance of reported financial information of fast-changing science-based companies and the incremental value-relevance of publicly available nonfinancial information. Based on a sample of independent cellular phone companies we find that on a stand-alone basis...

Using daily stock returns, we estimate the precision of information during earnings and non-earnings announcement days, and find that although the precision of information in daily stock returns increases during earnings announcement days, it explains less of the variation in expected returns...

We suggest that the failure of investors to distinguish between an earnings component's autocorrelation coefficient (unconditional persistence) and the marginal contribution of that component's persistence to the persistence of earnings (conditional persistence) provides a partial explanation to...

Firms should disclose information on material cyber-attacks. However, because managers have incentives to withhold negative information, and investors cannot discover most cyber-attacks independently, firms may underreport them. Using data on cyber-attacks that firms voluntarily disclosed, and...