State Antitakeover Laws and Voluntary Disclosure

Corporate Governance and the Information Environment: Evidence From State Antitakeover Laws

We examine the relation between corporate governance and firms' information environments. We use the passage of state antitakeover laws in the U.S. as a source of exogenous variation in an important governance mechanism to identify changes in firms' information environments. We find that information asymmetry and private information gathering decreased and that financial statement informativene...

Debt and Voluntary Disclosure

In attempting to understand voluntary corporate disclosure, many empirical studies have used leverage as an explanatory variable. One reason for an association between debt and disclosure relates to the agency costs of the shareholder-bondholder conflict. By voluntarily disclosing information, shareholders may be able to reduce this agency cost. We provide an additional reason why debt and disc...

VOLUNTARY ASSURANCE OF VOLUNTARY DISCLOSURE∗ by

Some Factors that Influence the Quality of Voluntary Disclosure

The purpose of this study is to investigate the factors affecting the evaluation of the quality of voluntary disclosure, given that the factors used in internal research due to having an external source and focusing on the number of disclosures may not be an appropriate criterion for measuring the quality of information disclosure, so, it is necessary to provide new influencing factors on the e...

Earnings Non-synchronicity and Voluntary Disclosure

Earnings non-synchronicity captures the extent to which firm-specific factors determine a firm’s earnings, and has important implications to a firm’s information environment. Prior research shows that high earnings non-synchronicity impedes corporate outsiders’ information processing. Given managers generally possess superior information about their firms’ unique operating and reporting strateg...