Individual investors and financial disclosure

By A. Lawrence. 2013

527 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/181079c6d8753e190e26b9e0a47356716fa67789

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Citations in the corpus

Readability of 10‐K Reports and Stock Price Crash Risk (2019, unknown): “…Bozanic and Thevenot (2015), Bushee et al. (2018), Callen et al. (2013), Guay et al. (2016), Laksmana et al. (2012), Lang and Stice-Lawrence (2015), Lawrence (2013), Lee (2012), Lehavy et al. (2011), Lo et al. (2017), Lundholm et al. (2014), Merkley (2014), Miller (2010), Nelson and Pritchard…”
Guiding Through the Fog: Financial Statement Complexity and Voluntary Disclosure (2016, unknown): “…research shows that complex financial statements are associated with lower trading volume and ownership among retail investors (e.g., Miller, 2010; Lawrence, 2013), increased analyst forecast dispersion and reduced analyst forecast accuracy (e.g., Lehavy et al., 2011; Bozanic and Thevenot, 2015),…”
The Evolution of 10-K Textual Disclosure: Evidence from Latent Dirichlet Allocation (2017, background): “10 Additionally, disclosure length and Fog have been shown to lead to greater market uncertainty ( Loughran and McDonald, 2014 ) and less investment and trading by small investors ( Lawrence, 2013; Miller, 2010 ).”
The Use of EDGAR Filings by Investors (2017, unknown): “Using actual investor stock portfolio holdings during 1994–1996, Lawrence [2013] found that investors hold shares of companies with better written 10-Ks. However, Lawrence reported that financially literate individuals (e.g., accountants, business managers, lawyers) who might be expected to actually”
A Plain English Measure of Financial Reporting Readability (2017, background): “…file size is easy to capture and avoids the need 1 Examples of studies using the Fog Index include Li (2008), Biddle, Hilary, and Verdi (2009), Miller (2010), Lehavy, Li, and Merkley (2011), Dougal, Engelberg, Garcia, and Parsons (2012), Lawrence (2013), and DeFranco, Hope, Yvas, and Zhou (2014).”
Tax Aggressiveness and Corporate Transparency (2019, unknown): “…retail investor ownership, raising both the debt and equity costs of capital, exacerbating governance problems and reducing investment efficiency (e.g., Diamond and Verrecchia 1991; Leuz and Verrecchia, 2000; Biddle and Hilary, 2006; Beatty, Liao and Weber, 2010; Miller, 2010; Lawrence, 2013).”
Disclosure Readability and the Sensitivity of Investors' Valuation Judgments to Outside Information (2017, unknown): “Prior research in the accounting literature finds that investors react less strongly to information provided in less readable disclosures (see, e.g., You and Zhang 2009; Miller 2010; Rennekamp 2012; Lawrence 2013; Tan, Wang, and Zhou 2015).”
Complexity of financial reporting standards and accounting expertise (2019, unknown): “Lawrence (2013) shows that retail investors are less likely to invest in firms with comparatively longer and less readable financial reports.”
Earnings management and annual report readability (2017, unknown): “The Fog Index has been used widely and has seen increasing usage in the accounting literature (e.g., Miller, 2010; Lehavy et al., 2011; Rennekamp, 2012).”
Why Do Individual Investors Disregard Accounting Information? The Roles of Information Awareness and Acquisition Costs (2018, unknown): “For example: Hirshleifer et al. (2011); Cohen & Lou (2012); Miller (2010); Lawrence (2013); Hodge et al. (2004); Maines & Hand (1996); Maines & McDaniel (2000), Eppler & Mengis (2004); Chapman et al. (2017); Drake et al. (2017). hereafter) of the Associated Press’ (AP’s) staggered rollout of…”
It Pays to Write Well (2017, unknown): “In a tangential yet related vein, prior work provides evidence that retail investors are particularly prone to being influenced by the poor readability of disclosure documents (e.g., Miller, 2010; Rennekamp, 2012; Lawrence, 2013).”
Textual analysis in finance (2019, background): “Also, Lawrence (2013) find that more complexity in the financial disclosures is associated with lower individual investments less financiallyliterate.”
Who Uses Financial Reports and for What Purpose? Evidence from Capital Providers (2014, unknown): “Similarly, Lawrence (2013) provides evidence based on brokerage data that retail investors invest more and obtain higher returns in firms with more detailed and more readable annual reports and that these associations are less pronounced for investors with a professional background.”
Why are 10-K Filings so Long? (2016, methodology): “Finally, we seek to determine which components of 10-K length—operating complexity, redundancy, or residual disclosure—are responsible for investors’ information-processing problems documented by prior research (e.g., You and Zhang 2009; Miller 2010; Lawrence 2013).”