BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Talks.cam//talks.cam.ac.uk//
X-WR-CALNAME:Talks.cam
BEGIN:VEVENT
SUMMARY:Human Capital Disclosures - Ethan Rouen\, Assistant Professor of B
 usiness Administration\, Harvard Business School
DTSTART:20221115T113000Z
DTEND:20221115T124500Z
UID:TALK185135@talks.cam.ac.uk
CONTACT:Emily Brown
DESCRIPTION:We explore the recent landscape of quantitative human capital 
 (HC) disclosures for publicly listed U.S. firms. Using a hand-collected sa
 mple of disclosures for 2\,393 firms\, we first provide detailed descripti
 ve evidence about firms’ HC disclosure in their ESG reports and 10-K fil
 ings. While only 22% of our sample publishes an ESG report\, these reports
  contain much richer HC disclosures than do 10-Ks. Even so\, an amendment 
 to Regulation S-K that required firms to disclose more HC information had 
 an economically meaningful effect on disclosure\, although many firms seem
 ed to shift information previously disclosed elsewhere. The increase in di
 sclosure in 10-Ks post regulation is driven by metrics on diversity\, equi
 ty\, and inclusion\, and employee turnover. Importantly\, the amendment is
  associated with increased value relevance of the disclosures in the post-
 regulation period but only for firms disclosing financially material metri
 cs in industries where human capital is said to be relevant to investors. 
LOCATION:Castle Teaching Room (Cambridge Judge Business School)
END:VEVENT
END:VCALENDAR