Narrative Disclosure and Earnings Performance: Evidence from R&D Disclosures

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Shall We Talk? The Role of Interactive Investor Platforms in Corporate Communication (2020, background): “Because financial statements often fail to communicate all the nuances of more complex activities (Merkley 2014), rumours can quickly take over social media, leading to potentially damaging narratives and negative sentiment.”
Industry expertise on corporate boards (2017, neutral): “…the value-relevance of these investments (Aboody and Lev 1998), capitalizing versus expensing them (Kothari et al. 2002), using R&D as a tool for real earnings management (Baber et al. 1991; Bushee 1998), and the association between narrative R&D disclosures and earnings performance (Merkley 2014).”
Is forward-looking financial disclosure really informative? Evidence from UK narrative statements (2015, background): “Moreover, prior studies (e.g., Lang & Lundholm, 1993; Miller, 2002; Merkley, 2014) suggest that change in the level of disclosure is associated with change in firm performance.”