Creating Firm Disclosures

51 Pages Posted: 28 Aug 2018 Last revised: 22 Mar 2019

See all articles by Amir Amel-Zadeh

Amir Amel-Zadeh

University of Oxford - Said Business School

Alexandra Scherf

Harvard Business School

Eugene F. Soltes

Harvard University - Business School (HBS)

Date Written: March 17, 2019

Abstract

Managers expend significant time and effort preparing disclosures about firm performance and strategy. Although prior literature has explored how variation in the style and presentation of disclosures impacts investors’ perceptions of firms, little is known about how firms actually create these disclosures and how this process impacts presentation. Based on field data collected from nearly 200 firms, we show that there is considerable variation in who prepares disclosures, when they are prepared, and the amount of effort expended by different types of managers (e.g. legal, public relations/marketing, finance, investor relations, senior leadership). We find that these differences in organizational processes are associated with differences in the structure, style, and tone of 10-Ks and conference calls. Ultimately, our investigation begins to illuminate how individual managerial efforts vary across firms and contribute to differences in public disclosures.

Suggested Citation

Amel-Zadeh, Amir and Scherf, Alexandra and Soltes, Eugene F., Creating Firm Disclosures (March 17, 2019). Available at SSRN: https://ssrn.com/abstract=3234402 or http://dx.doi.org/10.2139/ssrn.3234402

Amir Amel-Zadeh

University of Oxford - Said Business School ( email )

Park End Street
Oxford, OX1 1HP
Great Britain

Alexandra Scherf

Harvard Business School ( email )

Soldiers Field
Boston, MA 02163
United States

Eugene F. Soltes (Contact Author)

Harvard University - Business School (HBS) ( email )

Soldiers Field Road
Morgan 270C
Boston, MA 02163
United States

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