{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,27]],"date-time":"2026-03-27T08:24:41Z","timestamp":1774599881579,"version":"3.50.1"},"reference-count":31,"publisher":"Elsevier BV","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["SSRN Journal"],"DOI":"10.2139\/ssrn.3575157","type":"journal-article","created":{"date-parts":[[2020,4,15]],"date-time":"2020-04-15T11:30:29Z","timestamp":1586950229000},"source":"Crossref","is-referenced-by-count":16,"title":["Management Disclosure of Risk Factors and COVID-19"],"prefix":"10.2139","author":[{"given":"Tim","family":"Loughran","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Bill","family":"McDonald","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"78","reference":[{"key":"ref1","doi-asserted-by":"crossref","first-page":"488","DOI":"10.2307\/1879431","article-title":"The market for lemons: Quality uncertainty and the market mechanism","volume":"84","author":"G Akerloff","year":"1970","journal-title":"Quarterly Journal of Economics"},{"key":"ref2","doi-asserted-by":"crossref","first-page":"104","DOI":"10.1016\/j.jpubeco.2020.104274","article-title":"Economic uncertainty before and during the COVID-19 pandemic","volume":"191","author":"D Altig","year":"2020","journal-title":"Journal of Public Economics"},{"key":"ref3","first-page":"24","article-title":"The unprecedented stock market reaction to COVID-19","volume":"10","author":"S R Baker","year":"2020","journal-title":"Journal of Applied Corporate Finance"},{"key":"ref4","doi-asserted-by":"crossref","first-page":"1371","DOI":"10.1111\/jofi.12885","article-title":"Lazy prices","volume":"75","author":"L Cohen","year":"2020","journal-title":"Journal of Finance"},{"key":"ref5","doi-asserted-by":"crossref","first-page":"433","DOI":"10.1111\/jbfa.12523","article-title":"ESG did not immunize stocks during the COVID-19 crisis, but investments in intangible assets did","volume":"48","author":"E Demers","year":"2021","journal-title":"Journal of Business Finance & Accounting"},{"key":"ref6","doi-asserted-by":"crossref","first-page":"802","DOI":"10.1016\/j.jfineco.2021.03.005","article-title":"Corporate immunity to the COVID-19 pandemic","volume":"141","author":"W Ding","year":"2021","journal-title":"Journal of Financial Economics"},{"key":"ref7","first-page":"5474","article-title":"How valuable is financial flexibility when revenue stops? Evidence from the COVID-19 crisis","volume":"23","author":"R Dye","year":"1985","journal-title":"Journal of Accounting Research"},{"key":"ref8","first-page":"153","article-title":"Economic effects of coronavirus outbreak (COVID-19) on the world economy","volume":"43","author":"E F Fama","year":"1997","journal-title":"Journal of Financial Economics"},{"key":"ref9","author":"N J Gormsen","year":"2020","journal-title":"Coronavirus: Impact on stock prices and growth expectations"},{"key":"ref10","doi-asserted-by":"crossref","first-page":"323","DOI":"10.1111\/j.1540-6261.1980.tb02161.x","article-title":"Disclosure laws and takeover bids","volume":"35","author":"S Grossman","year":"1980","journal-title":"Journal of Finance"},{"key":"ref11","doi-asserted-by":"crossref","first-page":"2400","DOI":"10.1257\/aer.104.8.2400","article-title":"Not only what but also when: A theory of dynamic voluntary disclosure","volume":"104","author":"I Guttman","year":"2014","journal-title":"American Economic Review"},{"key":"ref12","doi-asserted-by":"crossref","first-page":"405","DOI":"10.1016\/S0165-4101(01)00018-0","article-title":"Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature","volume":"31","author":"P M Healy","year":"2001","journal-title":"Journal of Accounting and Economics"},{"key":"ref13","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1186\/s40854-021-00229-1","article-title":"COVID-19 and instability of stock market performance: evidence from the US","volume":"7","author":"H Hong","year":"2021","journal-title":"Financial Innovation"},{"key":"ref14","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.ins.2014.02.137","article-title":"Evaluation of clustering algorithms for financial risk analysis using MCDM methods","volume":"275","author":"G Kou","year":"2014","journal-title":"Information Sciences"},{"key":"ref15","article-title":"Bankruptcy prediction for SMEs using transactional data and two-stage multiobjective feature selection","volume":"140","author":"G Kou","year":"2021","journal-title":"Decision Support Systems"},{"key":"ref16","article-title":"The spread of COVID-19 disclosure","author":"D F Larcker","year":"2020","journal-title":"Rock Center for Corporate Governance at Stanford University Closer Look Series: Topics, Issues and Controversies"},{"key":"ref17","doi-asserted-by":"crossref","first-page":"525","DOI":"10.1111\/1475-679X.12115","article-title":"The economics of disclosure and financial reporting regulation: Evidence and suggestions for future research","volume":"54","author":"C Leuz","year":"2016","journal-title":"Journal of Accounting Research"},{"key":"ref18","doi-asserted-by":"crossref","first-page":"221","DOI":"10.1016\/j.jacceco.2008.02.003","article-title":"Annual report readability, current earnings, and earnings persistence","volume":"45","author":"F Li","year":"2008","journal-title":"Journal of Accounting and Economics"},{"key":"ref19","article-title":"An integrated cluster detection, optimization, and interpretation approach for financial data","author":"T Li","year":"2021","journal-title":"IEEE Transactions on Cybernetics"},{"key":"ref20","article-title":"The COVID-19 outbreak and affected countries stock markets response","volume":"17","author":"H Liu","year":"2020","journal-title":"International Journal of Environmental Research and Public Health"},{"key":"ref21","doi-asserted-by":"crossref","first-page":"231","DOI":"10.1080\/15427560.2017.1308945","article-title":"The use of EDGAR filings by investors","volume":"18","author":"T Loughran","year":"2017","journal-title":"Journal of Behavioral Finance"},{"key":"ref22","doi-asserted-by":"crossref","DOI":"10.1016\/j.frl.2020.101690","article-title":"COVID-19 and the March 2020 stock market crash. Evidence from S&P500","volume":"38","author":"M Mazur","year":"2021","journal-title":"Finance Research Letters"},{"key":"ref23","doi-asserted-by":"crossref","first-page":"380","DOI":"10.2307\/3003562","article-title":"Good news and bad news: Representation theorems and applications","volume":"12","author":"P Milgrom","year":"1981","journal-title":"Bell Journal of Economics"},{"key":"ref24","doi-asserted-by":"crossref","first-page":"283","DOI":"10.1016\/S0165-4101(02)00075-7","article-title":"Discretionary disclosure and stock-based incentives","volume":"34","author":"V Nagar","year":"2003","journal-title":"Journal of Accounting and Economics"},{"key":"ref25","author":"P K Ozili","year":"2022","journal-title":"Spillover of COVID-19: Impact on the global economy"},{"key":"ref26","doi-asserted-by":"crossref","first-page":"622","DOI":"10.1093\/rcfs\/cfaa012","article-title":"Feverish stock price reactions to COVID-19","volume":"9","author":"S Ramelli","year":"2020","journal-title":"Review of Corporate Finance Studies"},{"key":"ref27","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1186\/s40854-021-00253-1","article-title":"COVID-19 pandemic and the crude oil market risk: Hedging options with non-energy financial innovations","volume":"7","author":"A A Salisu","year":"2021","journal-title":"Financial Innovation"},{"key":"ref28","doi-asserted-by":"crossref","DOI":"10.1016\/j.irfa.2020.101546","article-title":"Predicting stock returns in the presence of COVID-19 pandemic: The role of health news","volume":"71","author":"A A Salisu","year":"2020","journal-title":"International Review of Financial Analysis"},{"key":"ref29","article-title":"Impact of the COVID-19 pandemic: Evidence from the US restaurant industry","volume":"92","author":"H J Song","year":"2021","journal-title":"International Journal of Hospitality Management"},{"key":"ref30","first-page":"97","article-title":"Discretionary disclosure","volume":"5","author":"R Verrecchia","year":"1983","journal-title":"Essays on disclosure"},{"key":"ref31","article-title":"Retail investor attention and stock price crash risk: evidence from China","volume":"65","author":"F Wen","year":"2019","journal-title":"International Review of Financial Analysis"}],"container-title":["SSRN Electronic Journal"],"original-title":[],"language":"en","deposited":{"date-parts":[[2023,2,26]],"date-time":"2023-02-26T08:02:15Z","timestamp":1677398535000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=3575157"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2020]]},"references-count":31,"URL":"https:\/\/doi.org\/10.2139\/ssrn.3575157","relation":{},"ISSN":["1556-5068"],"issn-type":[{"value":"1556-5068","type":"electronic"}],"subject":[],"published-other":{"date-parts":[[2020]]},"published":{"date-parts":[[2020]]}}}