The United States established the initial disclosure system for securities markets in the Securities Act of 1933 and the continuous disclosure system in the Securities Exchange Act of 1934. With the development of economic globalization, disclosure systems have been widely adopted in capital market regulations worldwide, playing a significant role in protecting investor rights and maintaining capital market order.

  The quality of financial information disclosure by listed companies directly impacts investors' investment decisions and market operations. Only with full disclosure of financial information can investors make informed investment decisions, enabling markets to operate more fairly and stably. Conversely, inaccurate or insufficient disclosure of financial reports by listed companies can severely affect investors' judgments and lead to stock market fluctuations.

  CnOpenData has compiled Financial Report Disclosure Quality Information of U.S. Listed Companies from 1950 to 2017 based on scientific calculation methods to support related research.

• Reference article: Shuping Chen, Bin Miao, Terry Shevlin: A New Measure of Disclosure Quality: The Level of Disaggregation of Accounting Data in Annual Reports. Journal of Accounting Research.

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Time Period

1950-2017 (can be updated as needed)

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Data Scale

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Field Display

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Sample Data

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Related Literature

• Shuping Chen, Bin Miao, Terry Shevlin: A New Measure of Disclosure Quality: The Level of Disaggregation of Accounting Data in Annual Reports. Journal of Accounting Research.
• Theodore E. Christensen, Karson E. Fronk, Joshua A. Lee, Karen K. Nelson, Data visualization in 10-K filings, Journal of Accounting and Economics, Volume 77, Issues 2–3, 2024, 101631, ISSN 0165-4101, https://doi.org/10.1016/j.jacceco.2023.101631.
• Cyrus Aghamolla, Kevin Smith, Strategic complexity in disclosure, Journal of Accounting and Economics, Volume 76, Issues 2–3, 2023, 101635, ISSN 0165-4101, https://doi.org/10.1016/j.jacceco.2023.101635.
• Robert Hills, Matthew Kubic, William J. Mayew, State sponsors of terrorism disclosure and SEC financial reporting oversight, Journal of Accounting and Economics, Volume 72, Issue 1, 2021, 101407, ISSN 0165-4101, https://doi.org/10.1016/j.jacceco.2021.101407

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Data Update Frequency

Updated annually