BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Talks.cam//talks.cam.ac.uk//
X-WR-CALNAME:Talks.cam
BEGIN:VEVENT
SUMMARY:Does voluntary non-earnings disclosure substitute for redacted pro
 prietary contract information? - Mary Barth\, Professor of Accounting\, St
 anford University
DTSTART:20221003T124500Z
DTEND:20221003T140000Z
UID:TALK185126@talks.cam.ac.uk
CONTACT:Emily Brown
DESCRIPTION:This study finds that voluntary non-earnings disclosures subst
 itute for redacted proprietary contract information. When firms redact con
 tract information\, they provide more voluntary disclosures and have highe
 r information uncertainty and asymmetry. Although firms provide both volun
 tary non-earnings and earnings disclosures when they redact contract infor
 mation\, only non-earnings disclosures in Forms 8-K mitigate the higher in
 formation uncertainty and asymmetry associated with redaction. These findi
 ngs suggest earnings disclosures may not be specific enough to substitute 
 for redacted contract information and contrast with the presumption in rel
 ated research that firms provide earnings disclosures to substitute for wi
 thheld proprietary information. Our inferences particularly apply to resea
 rch and development and license contracts\, which are more likely to conta
 in proprietary information that also is relevant to investors. Taken toget
 her\, our study’s evidence can be informative to the SEC in its consider
 ation of the effects of reducing mandatory disclosure on information avail
 able to investors
LOCATION:Seminar Room 2 (Cambridge Judge Business School)
END:VEVENT
END:VCALENDAR