作者：Bertomeu, Jeremy; Vaysman, Igor; Xue, Wenjie
作者单位：Washington University (WUSTL); City University of New York (CUNY) System; Baruch College (CUNY); National University of Singapore
摘要：We develop a theory of asymmetries between voluntary and mandatory disclosure. Efficiently designed mandatory disclosure policies are substitutes for excessive voluntary disclosures. The efficient policy takes the form of a lower threshold below which firms must disclose bad news and an upper threshold above which firms voluntarily disclose good news. Hence mandatory disclosures are asymmetric and feature conservative reporting of bad news. The threshold to recognize bad news increases when in...
作者：Holzman, Eric R.; Marshall, Nathan T.; Schroeder, Joseph H.; Yohn, Teri Lombardi
作者单位：University System of Ohio; Ohio State University; University of Colorado System; University of Colorado Boulder; Indiana University System; Indiana University Bloomington; Emory University
摘要：Research suggests that greater earnings disaggregation in financial statements leads to favorable market outcomes. This perspective is based on a presumption that the disaggregation separates earnings components with heterogeneous characteristics. We hypothesize that the disaggregation of homogeneous earnings components is associated with greater investor disagreement and a less efficient market response to the earnings announcement. We estimate persistence regressions at the industry level an...
