Proprietary Costs and the Disclosure of Information About Customers

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The benefits of specific risk-factor disclosures (2016, positive): “Most noticeably, we test for the effect of proprietary costs (ProprietaryCost) using R&D expense scaled by beginning-ofyear total assets (e.g., Albring et al. 2016; Dambra et al. 2015; Ellis et al. 2012; Wang 2007; King et al. 1990).”
Customer Concentration Risk and the Cost of Equity Capital (2016, background): “…that firms explicitly recognize this risk.1 While approximately 45% of public firms report relying on at least one customer for a sizeable portion of revenues (Ellis et al., 2012), there is surprisingly little empirical evidence on whether customer concentration risk affects firms’ financing costs.”
Are Overconfident CEOs Better Leaders? Evidence from Stakeholder Commitments (2017, neutral): “Even prior to its issuance, Ellis, Fee, and Thomas (2012) find selective disclosure of customer identities by firms.”
The JOBS Act and IPO Volume: Evidence that Disclosure Costs Affect the IPO Decision (2015, methodology): “Following prior literature, we use research intensity and industry concentration as empirical proxies for proprietary disclosure costs (Ellis, Fee, and Thomas, 2012; Wagenhofer, 1990; Hayes and Lundholm, 1996).”
The spillover effects of MD&A disclosures for real investment: The role of industry competition (2019, methodology): “We estimate the two regressions using the method-of-moments estimation from Erickson and Whited (2000, 2002) and our OLS estimation.”