Abstract

http://ssrn.com/abstract=1598364
 
 

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The Informativeness of Disclosure Tone


Samuel B. Bonsall IV


Ohio State University (OSU) - Department of Accounting & Management Information Systems

Zahn Bozanic


Ohio State University (OSU) - Department of Accounting & Management Information Systems

Paul E. Fischer


University of Pennsylvania - The Wharton School

January 31, 2013


Abstract:     
Qualitative disclosure accompanying an earnings release is incrementally informative to earnings news (i.e., it is an information substitute for earnings) and it reflects the information content of earnings news (i.e., it is an information complement to earnings). When management provides quantitative guidance, the role of qualitative disclosure as an information substitute for earnings is diminished, yet the role of qualitative disclosure as a complement to quantitative disclosure is enhanced. Qualitative disclosure is more informative as an information substitute for and/or complement to quantitative disclosure when management is more likely to be a credible source of information: when management faces greater litigation risk, when management is less distressed, and when management has had a longer tenure.

Number of Pages in PDF File: 53

Keywords: qualitative disclosure, tone, earnings guidance, litigation, tenure, distress

JEL Classification: G14, K22, M41

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Date posted: May 1, 2010 ; Last revised: February 7, 2013

Suggested Citation

Bonsall, Samuel B. and Bozanic, Zahn and Fischer, Paul E., The Informativeness of Disclosure Tone (January 31, 2013). Available at SSRN: http://ssrn.com/abstract=1598364 or http://dx.doi.org/10.2139/ssrn.1598364

Contact Information

Samuel B. Bonsall IV
Ohio State University (OSU) - Department of Accounting & Management Information Systems ( email )
2100 Neil Avenue
Columbus, OH 43210
United States
Zahn Bozanic (Contact Author)
Ohio State University (OSU) - Department of Accounting & Management Information Systems ( email )
2100 Neil Avenue
Columbus, OH 43210
United States
Paul E. Fischer
University of Pennsylvania - The Wharton School ( email )
3641 Locust Walk
Philadelphia, PA 19104-6365
United States

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