Beyond Risk: Voluntary Disclosure Under Ambiguity

VOLUNTARY ASSURANCE OF VOLUNTARY DISCLOSURE∗ by

Debt and Voluntary Disclosure

In attempting to understand voluntary corporate disclosure, many empirical studies have used leverage as an explanatory variable. One reason for an association between debt and disclosure relates to the agency costs of the shareholder-bondholder conflict. By voluntarily disclosing information, shareholders may be able to reduce this agency cost. We provide an additional reason why debt and disc...

Voluntary Risk Disclosure in Corporate Annual Reports: An Empirical Review

Corporate governance scandals and the global financial crisis have led to calls for better risk disclosure. However, such disclosure may be stifled by the proprietary cost hypothesis that firms limit voluntary disclosure to avoid risk of adverse actions. Against this background, several studies have examined the determinants of risk disclosure in corporate annual reports. The purpose of this pa...

Participation in Risk Sharing under Ambiguity

This paper is about (non) participation in efficient risk sharing in an economy where agents have ambiguous beliefs about uncertain states of nature. Ambiguity of beliefs is described by the multiple-prior expected utility model of Gilboa and Schmeidler (1989). The question we ask is whether and how can ambiguous beliefs give rise to some agents not participating in efficient risk sharing. The ...

Some Factors that Influence the Quality of Voluntary Disclosure

The purpose of this study is to investigate the factors affecting the evaluation of the quality of voluntary disclosure, given that the factors used in internal research due to having an external source and focusing on the number of disclosures may not be an appropriate criterion for measuring the quality of information disclosure, so, it is necessary to provide new influencing factors on the e...