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The Effect of Enforcement Transparency: Evidence from SEC Comment-Letter Reviews 

Date: 09/2019 Author(s): Duro, Miguel; Heese, Jonas; Ormazábal, Gaizka Document type: Article in Journal (refereed) This paper studies the effect of the public disclosure of the Securities and Exchange Commission (SEC) comment-letter reviews (CLs) on firms' financial reporting. We exploit a major change in the SEC's disclosure policy: in 2004, the SEC decided to make its CLs publicly available. Using a novel dataset of CLs, we analyze the capital-market responses ... More information

Firm Risk and Disclosures about Dispersion of Asset Values: Evidence from Oil and Gas Reserves 

Date: 05/2019 Author(s): Badia, Marc; Barth, Mary E.; Duro, Miguel; Ormazábal, Gaizka Editor(s): CIF - Center for International Finance Document type: Article in Journal (refereed) The question we address is whether mandated disclosure about dispersion of non-financial asset values can provide information relevant to assessing firm risk. Using a sample of Canadian oil and gas (O&G) firms between 2004 and 2011, we find that the difference between the disclosed 10th and 50th percentiles from the O&G reserves distribution, which ... More information

The Informational Effects of Tightening Oil and Gas Disclosure Rules 

Date: 03/08/2018 Author(s): Badia, Marc; Duro, Miguel; Jorgensen, Bjorn N.; Ormazábal, Gaizka Document type: Article in Journal (refereed) We exploit two regulatory shocks to examine the informational effects of tightening pre-existing mandatory disclosure rules. Canadian National Instrument 51-101 in 2003 and the United States rule "Modernization of Oil and Gas Reporting" in 2009 introduced quasi-identical amendments which effectively tightened the rules governing oil and gas reserve ... More information Read related article

Conditionally Conservative Fair Value Measurements 

Date: 02/2017 Author(s): Badia, Marc; Duro, Miguel; Peñalva, Fernando; Ryan, Stephen Document type: Article in Journal (refereed) Firms measure fair values using Level 2 or 3 inputs when items do not trade in liquid markets, limiting market discipline over the measurements. We provide evidence that firms holding higher proportions of financial instruments measured at Level 2 and 3 fair values report more conditionally conservative comprehensive income attributable to fair value ... More information Read related article
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