The Effects of Reporting Complexity on Small and Large Investor Trading

By Brian P. Miller. 2010

711 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/cc0af2f6aae1da36dd8b9a84ec862d2a83c873ae

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Citations in the corpus

Shall We Talk? The Role of Interactive Investor Platforms in Corporate Communication (2020, background): “Miller (2010) finds small investors’ processing and 7 On June 3, 2009, the SEC announced the formation of the Investor Advisory Committee (Lawrence 2013), with an expressed goal of giving individual investors a greater voice in the commission’s work and improving the financial reporting environment…”
Taxes and Financial Constraints: Evidence from Linguistic Cues (2015, neutral): “Prior research also extensively studies the readability of corporate disclosure, generally showing that market participants incorporate the information into stock prices more completely if corporate filings are easier to read (You and Zhang (2009), Miller (2010), Lehavy et al. (2011)).”
It Pays to Write Well (2017, positive): “Miller (2010) uses Stylewriter to create READ_PE, which counts the use of passive verbs, hidden verbs, legal words, overwriting and tautologies (but not wordy phrases and abstract words).”
Why are 10-K Filings so Long? (2016, methodology): “This is important because although prior research documents that 10-K length reflects complexity (e.g., Lehavy, Li, and Merkley 2011; You and Zhang 2009; Miller 2010), no prior evidence exists regarding whether that complexity is primarily a result of the firm’s underlying operating complexity or si”
Restoring the Tower of Babel: How Foreign Firms Communicate with U.S. Investors (2014, neutral): “Miller (2010) finds that less readable 10-K reports are associated with lower trading volume around the 10-K filing date,”
Hyperbole or Reality? Investor Response to Extreme Language in Earnings Conference Calls (2019, background): “…relatively smaller number of papers examine linguistic attributes other than tone, such as readability and complexity (Li 2008; You and Zhang 2009; Miller 2010; Rennekamp 2012; Bonsall and Miller 2017; Chychyla, Leone, and Minutti-Meza 2019); content and similarity (Hanley and Hoberg 2010; Hoberg…”
A Plain English Measure of Financial Reporting Readability (2017, methodology): “…to reduce ten plain English problem measures (passive verbs, hidden verbs, wordy phrases, legal words, jargon phrases, specialist words, abstract words, Bog Index, long 17 Many of the plain English problems used to develop the Plain English Factor are used in a measure developed by Miller (2010).”
Textual analysis in finance (2019, background): “Measuring the complexity of a text, Miller (2010) finds that more complex annual reports are associated with a lower trading volume of small investors and Lundholm et al. (2014) evidence that foreign firms make effort to produce more readable reports to compensate the geographic distance.”
Complexity of financial reporting standards and accounting expertise (2019, background): “Miller (2010) finds that firms with less readable financial reports have less pronounced small investor trading around the 10-”
Earnings management and annual report readability (2017, neutral): “You and Zhang (2009) show that investors underreact to information content in 10-K filings when the textual narrative is harder to read.”
Natural Language Processing in Accounting, Auditing and Finance: A Synthesis of the Literature with a Roadmap for Future Research (2016, background): “Studies employing basic text mining confirmed this phenomenon (Jones, 1988; Nelson & Pritchard, 2007; Lee, 2010; Loughran and McDonald, 2009, 2010, 2014; Miller, 2010; De Franco et al., 2012; Othman et al., 2012).”
Textual Analysis of Corporate Disclosures: A Survey of the Literature (2011, background): “The amount of disclosure is relatively easy to measure as it typically involves the length or the size of the file [Peterson, 2008; Li, 2008; Leuz and Schrand, 2009; You and Zhang, 2009; Miller, 2010; Lee, 2010; Merkley, 2011].”
Disclosure Readability and the Sensitivity of Investors' Valuation Judgments to Outside Information (2017, neutral): “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).”
Annual report readability and corporate agency costs (2018, background): “For example, You and Zhang (2009), Miller (2010), Rennekamp (2012), Lee (2012) and Lawrence (2013) reveal that investors react more weakly to less readable disclosure announcements, indicating that readability may affect capital market efficiency.”
Tax Aggressiveness and Corporate Transparency (2019, neutral): “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).”
Does concrete language in disclosures increase willingness to invest? (2014, neutral): “…tone (Henry 2008; Kothari et al. 2009; Feldman et al. 2010; Demers and Vega 2011; Davis et al. 2012, 2014; Davis and Tama-Sweet 2012), vividness (Hales et al. 2011), and readability (Li 2008; You and Zhang 2009; Miller 2010; Rennekamp 2012; Lawrence 2013; Tan et al. 2013; Lundholm et al. 2014).”