摘要
The widespread use of boilerplate disclosures in financial reporting has led regulators to express concerns about the decision-usefulness of annual reports.We conduct two experiments to detemmine the effects of risk management disclosure presence and specificity on nonprofessional investors'judgments.In Experiment 1,we manipulate risk management disclosure at three levels(non-disclosure vs.generic or specific risk management disclosures).Relative to the non-disclosure condition,nonprofessional investors exhibit more favorable investment judgments when provided with a specific risk management disclosure.However,generic disclosure has a negligible influence on nonprofessional investors'judgments.We find no convincing evidence supporting potential alternative explanations.Experiment 2 confirms this mechanism and provides further evidence that the observed effects are not driven by the lengths of specific disclosures.
基金
supported by the National Natural Science Foundation of China(Grant Nos.71972120 and 72172083)
National Social Science Fund of China(Grant No.21BGL083)
the Major Project of the Key Research Base for Humanities and Social Science of Ministry of Education of China(Grant Nos.15JJD630008 and 22JJD790094).
