This paper studies voluntary disclosure when (a) there is uncertainty about managerial propensity to report truthfully, (b) some components of the firm’s value may be certified for a cost (“hard”), (c) other components may be disclosed but not certified free of misstatements (“soft”). We establish that untruthful managers are more likely to certify hard information and that, among truthful mana...

Editor’s note For three years, two UK paediatricians have had to contend with massive media criticism, much of it fed by a pressure group. The UK government, through its regional NHS office, set up an enquiry into one aspect of the complaints—related to the ethical committee approval process and the monitoring of clinical trials within their unit. Its report was critical but has been attacked, ...

This paper examines the reporting of bank loans in the financial press during the 2004-2007 period. More specifically, it uses a unique hand-collected data set to examine the frequency and determinants of loan reporting. The motivation is double folded. First, virtually all publicly traded firms borrow from banks. However, despite their widespread use, the reporting of bank loan agreements in t...

This study tested separation and attachment theory in relation to the career choice commitment of college students, including those from divorced families, and the impact of family status on separation, attachment, and career variables. Partial or limited support was found for separation and attachment theory. For example, conflictual independence, attachment, and financial press related modera...

We show the financial press is more likely to cover firms with deteriorating performance. Specifically, we show greater media coverage foreshadows declines in firms’ profitability and negative earnings surprises. Similarly, we find the media is more likely to cover firms’ earnings announcements if they convey poor operating performance, suggesting the media tilts its selection process toward ne...

This study examines whether the nature of financial information provided at Web sites varies across firms with differences in three information clienteles: individual investors, financial analysts and the business press. Our findings are consistent with theories that link effective and persuasive information content (subjective/benefit-related versus objective/attribute-related) with the expert...

Financial inclusion/exclusion has recently been emphasised as an important policy option aimed at alleviating poverty, minimising social exclusion and enhancing economic growth. In this article, we review the growing interest in financial exclusion and inclusion, define them and demonstrate their existence in developing and developed countries. Our empirical focus is on whether financial inclus...

Earnings press releases are ‘‘the major news event of the season for many companies as well as investors, analysts, financial media, and the market’’ (Mahoney and Lewis 2004). The information content of earnings press releases has increased significantly over time (Kross and Kim 2000; Lo and Lys 2001; Francis, Schipper, and Vincent 2002a, 2002b; Landsman and Maydew 2002; Collins, Li, and Xie 20...

The ACRONYM Project began in April 1994, funded by the British government and industry for three years. It is a collaborative project, its partners being the University of Liverpool, FT Info (the archiving branch of the Financial Times), and the Press Association (a news agency supplying news to the regional press). The project has as its objective the development of an automated system for ide...