Do managers withhold information in high-uncertainty periods? Evidence from COVID-19 disclosures in 10-Q filings
研究发现，在COVID-19疫情期间，市场不确定性越高，经理人在10-Q文件中披露的COVID-19信息越少且负面语气越弱，但会在电话会议中增加披露，这种策略性转换受诉讼风险驱动。
This study examines the influence of pre-disclosure market uncertainty on managers’ COVID-19 disclosure decisions. We find that high pre-disclosure market uncertainty reduces both the quantity and negative tone of COVID-19 disclosure in 10-Q filings. However, managers respond to this uncertainty by increasing COVID-19 disclosure in conference calls. Our findings show that litigation risk drives the strategic shift between formal and informal communication channels. These insights highlight the nuanced strategies that managers employ to navigate market uncertainty during crises.