This paper reviews the literature examining how costs of monitoring for, acquiring, and
analyzing firm disclosures–collectively,“disclosure processing costs”–affect investor …

We investigate whether managers “hide” bad news by announcing earnings during periods
of low attention, or by providing less forewarning of an upcoming earnings announcement …

ABSTRACT A contrast effect occurs when the value of a previously observed signal
inversely biases perception of the next signal. We present the first evidence that contrast …

We document distinctly different clientele effects on investor attention and return responses
to information. Macro news crowds out retail investor attention to firms' earnings news by …

We review the literature on recurring firm events and predictable returns. Many common firm
events recur on a predictable basis, such as earnings and dividends, among others. These …

We document a growing disparity in earnings disclosure mechanisms. Firms are
increasingly disclosing earnings announcements (EA) concurrently with the 10-K filing …

We study how the arrival of macro-news affects the stock market's ability to incorporate the
information in firm-level earnings announcements. Existing theories suggest that macro and …

We present evidence consistent with markets failing to properly price information in
seasonal earnings patterns. Firms with historically larger earnings in one quarter of the year …

The timely flow of financial information is critical for efficient capital market functioning, yet
we have little understanding of firms' and auditors' collective abilities to maintain timely …

This paper provides new evidence that investor attention explains positive returns around
earnings announcements and reconciles the attention explanation with information-based …