Threatened by wildfires: What do firms disclose in their 10‐Ks?
研究了美国企业10-K报告中关于野火威胁的披露情况，发现仅6.1%的企业在总部所在县发生野火时提及相关信息，且披露主要受野火天数驱动，近年敏感性增强，但野火暴露不影响股价，而更多披露反而压低股价。
Abstract We examine the determinants of firms’ 10‐K disclosures on the threat of and exposure to wildfires. We match the location of wildfires in the United States to firms in the same county as the wildfire. We first establish that wildfire disclosure is far from widespread. On average, 6.1% of firms with wildfires in their headquarters county mention wildfire information in their 10‐Ks. Second, we find that the number of wildfire days in a company's headquarters county is a key determinant of wildfire disclosure. The sensitivity of wildfire disclosure to wildfire exposure has also increased in recent years, emanating mainly from firms having experienced wildfires impacting their past operations and in the western states and the utility and banking industries, and from those exhibiting a high level of tangible assets. Third, we find that wildfire exposure has no bearing on stock price, whereas more wildfire‐related disclosure lowers stock price.