| Publication type: | Working paper – expertise – study |
| Title: | Uncertainty and disclosure |
| Authors: | Knust, Lucas Oesch, David |
| et. al: | No |
| DOI: | 10.2139/ssrn.4204992 |
| Extent: | 50 |
| Issue Date: | 30-Aug-2022 |
| Publisher / Ed. Institution: | SSRN |
| Language: | English |
| Subjects: | Voluntary disclosure; Management forecast; Information environment; Uncertainty; Volatility |
| Subject (DDC): | 658.403: Decision making, information management |
| Abstract: | Prior research finds conflicting results on the impact of uncertainty on voluntary firm disclosure. Our paper sheds light on this relationship by addressing endogeneity concerns. To this end, we use a novel instrumentation strategy that exploits firms’ differential exposure to aggregate uncertainty shocks in currencies, energy and policy. We show that an increase in firm-level uncertainty increases the propensity of firms to issue management forecasts and the number of management forecasts disclosed. Cross-sectional tests suggest that firms with a commitment to guidance increase their disclosure to mitigate deteriorating information asymmetry following increased uncertainty. |
| URI: | https://digitalcollection.zhaw.ch/handle/11475/29753 |
| License (according to publishing contract): | Licence according to publishing contract |
| Departement: | School of Management and Law |
| Organisational Unit: | Institute for Financial Management (IFI) |
| Appears in collections: | Publikationen School of Management and Law |
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Knust, L., & Oesch, D. (2022). Uncertainty and disclosure. SSRN. https://doi.org/10.2139/ssrn.4204992
Knust, L. and Oesch, D. (2022) Uncertainty and disclosure. SSRN. Available at: https://doi.org/10.2139/ssrn.4204992.
L. Knust and D. Oesch, “Uncertainty and disclosure,” SSRN, Aug. 2022. doi: 10.2139/ssrn.4204992.
KNUST, Lucas und David OESCH, 2022. Uncertainty and disclosure. SSRN
Knust, Lucas, and David Oesch. 2022. “Uncertainty and Disclosure.” SSRN. https://doi.org/10.2139/ssrn.4204992.
Knust, Lucas, and David Oesch. Uncertainty and Disclosure. SSRN, 30 Aug. 2022, https://doi.org/10.2139/ssrn.4204992.
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