A review of the empirical disclosure literature: discussion

Healy and Palepu, J. Account. Econ. (2001), this issue, provide a broad review of the empirical disclosure literature. This discussion focuses on the empirical voluntary disclosure literature, and assumes firmsʹ disclosure policies are endogenously determined by the same forces that shape firmsʹ governance structures and management incentives. This provides not only a more focused view of the literature, but also alternative explanations for some of the results discussed in Review and specific suggestions for future research.