Ball and Shivakumar (2008) suggest mandatory periodic reporting disciplines disclosure and encourages timely voluntary disclosure. We examine this hypothesis using the shock to reporting quality experienced by former Arthur Andersen clients after they were forced to switch auditors. Consistent with the confirmatory role of mandatory reporting, we find that former Andersen clients increase discl...

unexpected economic and political events are considered important elements impacting investment decisions of the investors during stock transactions and changing the stock price in desirable or undesirable ways. the current study aims to provide a review on investors’ reaction to unexpected events in tehran stock exchange market. for this purpose, the daily returns of the period spanning 1386-1...

Even the most skilled physician knows that conveying bad news to a patient or family can be one of the most arduous aspects of health care. Historically, breaking bad news is a skill that has generally been under-emphasized in training programmes. Critical care physicians are commonly faced with the difficult task of breaking bad news, often in dramatic, emotional and unexpected situations. Bre...

Nowadays we are reminded everyday that breaking bad news to patients and families is one of the most difficult and demanding tasks that doctors have to face. Giving out bad news is something that makes us fear the unknown and move between different approaches, from downplaying the severity of the situation, to not caring about the consequences that our information will have on the patients’ liv...

This paper investigates information disclosures made by the chairpersons of boards of directors in 120 failing UK companies. There are four main findings. Firstly, chairpersons excessively blame poor performance on exogenous factors rather than managerial decisions. Secondly, almost half of chairpersons do not candidly disclose problems that are apparent when they write their statements. Thirdl...

Good news is more persuasive when it is more consistent, and bad news is less damaging when it is less consistent. We show when Bayesian updating supports this intuition so that a biased sender prefers more or less variance in the news depending on whether the mean of the news exceeds expectations, and we apply the result to selective news distortion by a manager of multiple projects. If news f...