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Marilyn Johnson, Ron Kasznik, Karen Nelson (2000)
Shareholder Wealth Effects of the Private Securities Litigation Reform Act of 1995Review of Accounting Studies, 5
C. Frost (1996)
Characteristics and Information Value of Corporate Disclosures of Forward-Looking Information in Global Equity Markets
Douglas Skinner (1997)
Earnings Disclosures and Stockholder LawsuitsChicago Booth ARC: Financial Accounting (Topic)
Richard Frankel, Marilyn Johnson, Douglas Skinner (1997)
An Empirical Examination of Conference Calls as a Voluntary Disclosure MediumFinancial Accounting
Ron Kasznik (1996)
On the Association between Voluntary Disclosure and Earnings ManagementJournal of Accounting Abstracts
Douglas Skinner (1995)
Do the SEC's Safe Harbor Provisions Encourage Forward-Looking Disclosures?Financial Analysts Journal, 51
J. Francis, Donna Philbrick, K. Schipper (1994)
SHAREHOLDER LITIGATION AND CORPORATE DISCLOSURESJournal of Accounting Research, 32
Christine Botosan (1997)
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Christopher Jones, Seth Weingram (1996)
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Gregory Waymire (1984)
ADDITIONAL EVIDENCE ON THE INFORMATION-CONTENT OF MANAGEMENT EARNINGS FORECASTSJournal of Accounting Research, 22
Bipin Ajinkya, Michael Gift (1984)
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Ron Kasznik, B. Lev (1995)
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Richard Frankel, M. McNichols (1995)
Discretionary Disclosure and External FinancingAccounting review: A quarterly journal of the American Accounting Association, 70
R. Ball (1980)
Discussion Of Accounting For Research And Development Costs - The Impact On Research And Development ExpendituresJournal of Accounting Research, 18
B. Lev, S. Penman (1990)
VOLUNTARY FORECAST DISCLOSURE, NONDISCLOSURE, AND STOCK-PRICESJournal of Accounting Research, 28
Mark Wolfson (1980)
Discussion of The Economic Effects of Involuntary Uniformity in the Financial Reporting of R&D ExpendituresJournal of Accounting Research, 18
S. Penman (1980)
An Empirical-Investigation Of The Voluntary Disclosure Of Corporate-Earnings ForecastsJournal of Accounting Research, 18
Douglas Skinner (1994)
WHY FIRMS VOLUNTARILY DISCLOSE BAD-NEWSJournal of Accounting Research, 32
Gregory Waymire (1985)
Earnings Volatility And Voluntary Management Forecast DisclosureJournal of Accounting Research, 23
S. Tasker (1999)
Bridging the Information Gap: Quarterly Conference Calls as a Medium for Voluntary DisclosureReview of Accounting Studies, 3
Philip Berger (1993)
EXPLICIT AND IMPLICIT TAX EFFECTS OF THE RESEARCH-AND-DEVELOPMENT TAX CREDITJournal of Accounting Research, 31
Patricia Dechow, Richard Sloan, A. Sweeney (1996)
Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC*Contemporary Accounting Research, 13
Charles Wasley, Grace Pownall (1993)
The stock price effects of alternative types of management earnings forecastsAccounting review: A quarterly journal of the American Accounting Association, 68
Mark Lang, Russell Lundholm (1998)
Corporate Disclosure Policy and Analyst Behavior
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David Levine, A. Pritchard (1999)
The Securities Litigation Uniform Standards Act of 1998: The Sun Sets on California's Blue Sky Laws
This study evaluates corporate voluntary disclosure of forward‐looking information under the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Using a sample of 523 computer hardware, computer software, and pharmaceutical firms, we find a significant increase in both the frequency of firms issuing earnings and sales forecasts and the mean number of forecasts issued following the Act’s passage. To provide more direct evidence that our findings are attributable to the Act reducing firms’ legal exposure, we develop a proxy for litigation risk and examine whether the increase in disclosure is more pronounced for firms at greatest risk of a lawsuit. As expected, we find that the change in disclosure is increasing in firms’ ex ante risk of litigation. Finally, we report that the safe harbor had no adverse impact on the quality of forward‐looking information. Forecast errors, whether directional or non‐directional, were not significantly affected by the Act’s passage.
Journal of Accounting Research – Wiley
Published: Sep 1, 2001
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