The Opposing Effects of Complexity and Information Content on Uncertainty Dynamics: Evidence from 10-K Filings

For helpful comments, the authors thank Agostino Capponi (the editor); an associate editor; the referees; and our discussants Shiyang Huang (American Finance Association Annual Meetings), Tracy Wang (China International Conference in Finance), Cesare Fracassi (Lone Star Finance Conference), Baolian Wang (Mid-Atlantic Research Conference), Celim Yildizhan (Midwest Finance Association Annual Meetings), Jordan Moore (Financial Management Association Annual Meetings) as well as Daniel Cohen, Bill Cready, Zhonglan Dai, Ted Day, Louis Ederington, Paolo Fulghieri, Ross Garon, Gerard Hoberg, Xu Jiang, Bin Li, Scott Linn, Tim Loughran, Vikram Nanda, Oleg Nusinzon, Yihui Pan, Xiaoxia Peng, Michael Rebello, Alessio Saretto, Kelsey Wei, Tony S. Wirjanto, Han Xia, Yexiao Xu, Pradeep Yadav, Jianfeng Yu, Liyan Yang, Harold H. Zhang, Xiao-Jun Zhang, Feng Zhao, and Jane Zhao. They also thank seminar participants at the 2015 Lone Star Finance Conference, 2016 Midwest Finance Association Annual Meetings, 2016 Mid-Atlantic Research Conference in Finance, 2016 China International Conference in Finance, 2016 Financial Management Association Annual Meetings, 2017 American Finance Association Annual Meetings, Cubist Systematic Strategies, PanAgora Asset Management, University of Oklahoma, and the University of Waterloo. They thank Tim Loughran and Bill McDonald for making their data on the size of 10-K filings available, SeekEdgar LLC for providing the data of 10-K filings, and Feng Li for making the Fog index available. All errors are our own.