Disclosure characteristics of annual reports and information asymmetry: Evidence from foreign firms listed on the US stock exchange

Phuong Nguyen and Akihisa Kimura

Finance Research Letters, 2023, vol. 54, issue C

Abstract: This research examines the associations between two of the most interesting disclosure characteristics of annual reports and information asymmetry. It illustrates that the length of annual reports is negatively associated with information asymmetry. By contrast, our research shows that an improvement in the readability of annual reports does not positively affect information asymmetry among investors. Our research assumes the current tendency of annual reports does not worsen the information environments for investors in extracting the information.

Keywords: Length; Readability; Annual reports; Information asymmetry (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:54:y:2023:i:c:s1544612323001496

DOI: 10.1016/j.frl.2023.103776

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