Labor Unemployment Concern and Corporate Discretionary Disclosure

摘要: We investigate how firms strategically vary their disclosure policies in response to labor unemployment concern. Using changes state insurance laws as exogenous variations of concern, we show that provide more bad news forecasts when concern is low. This relation stronger are financially constrained, CEOs and CFOs have higher equity incentives, workers likely be affected by unemployment. Our findings not driven earnings management reversal or underlying performance changes, robust a battery identification tests. Finally, find similar effect concerns on using the tone 10-K 10-Q filings an alternative proxy for corporate disclosure. Overall, our suggest important consideration discretionary disclosure.