The impact of earnings announcements (EAs) on investor uncertainty depends not only on
how much new information they contain but also on how long it would take comparable …

Extensive evidence suggests that managers strategically choose the complexity of their
descriptive disclosures. However, their motives in doing so appear mixed, as complex …

The aim of general purpose financial reporting is to provide information that is useful to
investors, lenders, and other creditors. With this goal, regulators have tended to mandate …

Aghamolla and Smith (2023) make a significant contribution to enhancing our
understanding of how managers choose financial reporting complexity. I outline the key …

This paper presents a costly voluntary disclosure model in which the information quality of a
signal about a firm's future cash flow is unknown, where the information quality, also called …

We study a noisy rational expectations equilibrium in a multi-asset economy populated by
informed and uninformed investors and noise traders. The assets can include state …

Management earnings forecasts (MEF), a form of voluntary disclosure, are different from
most other disclosures because MEF have spillover effects on managers' subsequent …

This paper studies certification design and its implications for information disclosure. Our
model features a profit‐maximizing certifier and the seller of a good of unknown quality. We …

We study the implications of the disclosure regime of ratings on the level of information
released to the public. Specifically, we compare mandatory and voluntary disclosure. We …

In this paper, I develop a structural model to study the usefulness of quarterly earnings to
firm stakeholders when making decisions that require them to assess firms' values. In the …