Accounting is fundamentally about information. For instance, accountants aggregate
hundreds of economic transactions into net income, a summary measure of firm …

This paper discusses the empirical literature on the economic consequences of disclosure
and financial reporting regulation, drawing on US and international evidence. Given the …

We explore how the readability of annual reports varies with earnings management. Using
the Fog Index to measure readability (Li, 2008), and focusing on the management …

The new generation of expanded audit reports includes disclosures about significant matters
in a company's financial reporting and its audit. These disclosures are a landmark change in …

We compare the ability of dictionary-based and machine-learning methods to capture
disclosure sentiment at 10-K filing and conference-call dates. Like Loughran and McDonald …

Prior research generally interprets complex language in firms' disclosures as indicative of
managerial obfuscation. However, complex language can also reflect the provision of …

This study examines the effects of financial reporting complexity on investors' trading
behavior. I find that more complex (longer and less readable) filings are associated with …

ABSTRACT The Securities and Exchange Commission (SEC) has expressed concern about
the informativeness of firms' Management Discussion and Analysis (MD&A) disclosures. A …

This study finds that investors price firms' greenhouse gas (GHG) emissions as a negative
component of equity value, and this valuation discount does not differ between firms that …

While managers' accounting and financial decisions are, for many, fascinating topics,
selection bias poses a serious challenge to researchers estimating the decisions' effects …