We examine stakeholder responses to publicly traded firms speaking out on voting reform laws in the U.S. State of Georgia via the lens of retail customer store traffic. For firms that speak out, we find that the number of customer visits and the number of visitors at their individual store...

This study examines the role of the Securities and Exchange Commission (SEC) in mergers and acquisitions (M&As) involving publicly traded target firms. We find that deals receiving comment letters have an increased likelihood of deal completion and deal price revision, consistent with the SEC...

We study environmental and social (E&S) disclosures in annual reports. Using the word embedding model to examine more than 210,000 annual reports from 24,271 public firms in 30 international countries/regions between 2001 and 2020, we create an E&S dictionary that allows us to document trends in...

Rules implemented by the U.S. Securities and Exchange Commission in 2003 impose additional disclosure and filing requirements on firms publicly disclosing non-GAAP earnings. We find the regulations produced (1) modest declines in the frequency of special- and other-item exclusions, (2) a decline...