When You Talk, I Remain Silent: Spillover Effects of Peers' Mandatory Disclosures on Firms' Voluntary Disclosures
ABSTRACT We predict and find that regulated firms' mandatory disclosures crowd out unregulated firms' voluntary disclosures. Consistent with information spillovers from regulated to unregulated firms, we document that unregulated firms reduce their own disclosures in the presence of regulated firms' disclosures. We further find that unregulated firms reduce their disclosures more the greater the strength of the regulatory information spillovers. Our findings suggest that a substitutive relationship between regulated and unregulated firms' disclosures attenuates the effect of disclosure regulation on the market-wide information environment. JEL Classifications: D82; G38; K22; M41.
Evolution in Value Relevance of Accounting Information
Mary E. Barth, Ken Li, Charles McClure · The Accounting Review
Why is Corporate Virtue in the Eye of The Beholder? The Case of ESG Ratings
Dane M. Christensen, George Serafeim, Anywhere Sikochi · The Accounting Review
Theory Testing and Process Evidence in Accounting Experiments
H. Scott Asay, Ryan Guggenmos, Kathryn Kadous, Lisa Koonce, Robert Libby · The Accounting Review
Institutional Investor Attention and Firm Disclosure
I. N. Abramova, John E. Core, Andrew Sutherland · The Accounting Review
The Effect of Trade Secrets Law on Stock Price Synchronicity: Evidence from the Inevitable Disclosure Doctrine
Yongtae Kim, Lixin Su, Zheng Wang, Haibin Wu · The Accounting Review
The Disclosure and Consequences of U.S. Critical Audit Matters
Jenna Burke, Rani Hoitash, Udi Hoitash, Summer Xiao · The Accounting Review
Societal Trust and Management Earnings Forecasts
Yuyan Guan, Gerald J. Lobo, Albert Tsang, Xiangang Xin · The Accounting Review
Deterrent Disclosure
Stephen Glaeser, Wayne R. Landsman · The Accounting Review