Mark H. Lang

TL;DR: This paper examined cross-sectional variation in analysts' published evaluations of firms' disclosure practices and provided evidence that the analysts' ratings are increasing in firm size and in firm performance as measured by earnings and return variables, decreasing in the correlation between earnings and returns, and higher for firms issuing securities in the current or future period.

TL;DR: In this article, the authors examine the relation between the disclosure practices of firms, the number of analysts following each firm, and properties of the analysts' earnings forecasts and find that firms with more informative disclosure policies have a larger analyst following, more accurate analyst earnings forecasts, less dispersion among individual analyst forecasts and less volatility in forecast revisions.

TL;DR: The authors examined whether application of International Accounting Standards (IAS) is associated with higher accounting quality and found that firms applying IAS from 21 countries generally evidence less earnings management, more timely loss recognition, and more value relevance of accounting amounts than do matched sample firms applying non-U.S. domestic standards.

TL;DR: In this article, the authors examine whether the adoption of International Accounting Standards (IAS) is associated with higher accounting quality and find that firms applying IAS from 21 countries generally exhibit less earnings management, more timely loss recognition, and more value relevance of accounting amounts than do a matched sample of firms applying non-US domestic standards.

TL;DR: In this paper, the authors examine corporate disclosure activity around seasoned equity offerings and its relationship to stock prices and find that firms that maintain a consistent level of disclosure experience price increases prior to the offering, and only minor price declines at the offering announcement relative to the control firms, suggesting that disclosure may have reduced the information asymmetry inherent in the offering.