I conduct an experiment with senior executives (CEOs, CFOs, controllers) to examine how their risk disclosure quality, with respect to disclosure volume and specificity, is influenced by three factors: first, whether the disclosure behavior is framed internally by the firm as obtaining a gain or avoiding a loss from disclosure; second, whether the external disclosure regime mandates risk mitigation disclosures that explain how a risk is handled; and third, whether the risk under consideration for disclosure is weakly or strongly mitigated. This research question is important because high-quality risk disclosures are challenging to regulate and changing how disclosure behavior is framed could substitute for costly disclosure regulations. I predict and find that a gain frame prompts managers to make more detailed risk disclosures than a loss frame, regardless of the disclosure regime. I also predict and find that a loss frame leads to less detailed and more boilerplate disclosure of weakly mitigated risks when risk mitigation plans are mandated. Given that the SEC is considering mandating risk mitigation disclosures similar to the practice in other regimes, my findings provide insights on the limitations of mandating these disclosures. My results suggest that changing managers' disclosure frame internally through firm initiatives could be more effective in prompting higher-quality risk disclosures.

中文翻译：

---

框架比规范披露更有效吗？风险披露框架和制度对管理者披露选择的影响*

我对高级管理人员（CEO、CFO、控制人）进行了一项实验，以检查他们的风险披露质量（在披露量和特异性方面）如何受到三个因素的影响：首先，披露行为是否被公司内部界定为获得从披露中获得收益或避免损失；第二，外部披露制度是否要求披露风险缓释信息以解释如何处理风险；第三，考虑披露的风险是弱减轻还是强减轻。这个研究问题很重要，因为高质量的风险披露对监管具有挑战性，改变披露行为的框架可以替代成本高昂的披露监管。我预测并发现，与损失框架相比，收益框架会促使管理者进行更详细的风险披露，无论披露制度如何。我还预测并发现，当强制执行风险缓解计划时，损失框架会导致对弱缓解风险的披露不那么详细和更多样板。鉴于 SEC 正在考虑强制披露与其他制度的做法类似的风险缓解披露，我的研究结果提供了关于强制披露这些披露的局限性的见解。我的研究结果表明，通过公司举措在内部改变经理的披露框架可能更有效地促进更高质量的风险披露。鉴于 SEC 正在考虑强制披露与其他制度的做法类似的风险缓解披露，我的研究结果提供了关于强制披露这些披露的局限性的见解。我的研究结果表明，通过公司举措在内部改变经理的披露框架可能更有效地促进更高质量的风险披露。鉴于 SEC 正在考虑强制披露与其他制度的做法类似的风险缓解披露，我的研究结果提供了关于强制披露这些披露的局限性的见解。我的研究结果表明，通过公司举措在内部改变经理的披露框架可能更有效地促进更高质量的风险披露。