Big Data Availability and Asymmetric Voluntary Disclosures

The authors thank conference participants at the 2020 Five-Star Workshop in Finance, the First Conference of Financial Reporting and Disclosures at Xijing University (2020), the 2021 China Fintech Research Conference, the 2021 China International Risk Forum (Big Data Research Excellence Award Winning Paper), the 17th Annual Haskell & White Academic Conference (2021), the 2022 Hawaii Accounting Research Conference, the 2022 NBS Research Conference (Frank Zhang, the discussant), and the 2023 MIT Asia Conference in Accounting for helpful comments and seminar participants at Beijing Institute of Technology, Modern Risk Society, Peking University, Shanghai Jiao Tong University, and Tsinghua University for valuable comments and suggestions. An earlier version of the paper was circulated under the title “Watching from the Sky: Business Observability and Voluntary Disclosure.” All remaining errors are the authors’ own.