What derives less readable 10-K reports: Investor vs Firm-complexity
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- What derives less readable 10-K reports: Investor vs Firm-complexity
- An, Hyowon
- Han, Hope Hyeun
- Readability; 10-K report; Firm-complexity; Firm-specific uncertainty
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- Ulsan National Institute of Science and Technology
- In this study, I suggest a new channel to explain the negative association between the readability of 10-K reports and firm’s stock price volatility. I find that a high level of firm-complexity influences a decrease in readability of 10-K reports as a firm’s future uncertainty increases. Firms with higher complexity, such as growth firms, release more hard-to-read 10-K reports. The new suggested channel, firm-complexity channel, better explains poor readability of 10-K reports.
- School of Business Administration (Management Engineering)
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