Court Disclosures of Firms in Chapter 11 Bankruptcy
研究了美国破产法第11章重整程序中公司披露声明的信息内容，发现披露质量更多取决于债权人特征和案件特点，而非债务人破产前特征，对理解破产信息披露的异质性有参考价值。
ABSTRACT Stakeholders in the Chapter 11 reorganization process face significant information uncertainty about the post‐emergence prospects of the firm. The U.S. Bankruptcy Code requires a debtor to provide a disclosure statement containing “adequate information” about its financial status and a proposed reorganization plan but stops short of rigidly defining the adequacy standard. We document the heterogeneity in disclosure statement information across 16 distinct attributes and examine the variation in disclosures along several dimensions that reflect agency costs and coordination problems. We observe that Chapter 11 disclosure correlates more with claimant‐ and case‐specific characteristics than pre‐bankruptcy debtor characteristics. Our results illustrate the importance of institutional features in specific disclosure settings such as bankruptcy court filings. The research questions and methods of this study were registered via the Journal of Accounting Research ’s registration‐based editorial process.