Daniel B. Thornton

TL;DR: In this article, the decision to disclose information concerning a firm's environmental liabilities is modeled as a sequential game involving the firm, a capital market, and outside stakeholders who can impose proprietary (political) costs on the firm.

TL;DR: The ontological status of information in accounting reports has been investigated in this paper, where the authors draw on Baudrillard's concepts of simulacra, hyperreality and implosion to trace the historical transformations of the accounting signs of income and capital from Sumerian times to the present.

TL;DR: In this article, the authors hypothesize that firms' 10-K market risk disclosures, recently mandated by SEC Financial Reporting Release No. 48 (FRR No. 6), reduce investors' uncertainty and diversity of opinion about the implications, for firm value, of changes in interest rates, foreign currency exchange rates, and commodity prices.

TL;DR: This paper conducted a meta-analysis of the association between audit committee independence and financial reporting quality (FRQ), finding that audit committees are more effective at enhancing audit quality than they are at fostering financial statement quality.

TL;DR: In this paper, earnings conservatism, the tendency of firms to recognize bad news in earnings on a more timely basis than good news, is found to be substantially greater in portfolios of firms with lower price-to-book ratios.