This research examines the associations between two of the most interesting disclosure characteristics of annual reports and information asymmetry. It illustrates that the length of annual reports is negatively associated with information asymmetry. By contrast, our research shows that an improvement in the readability of annual reports does not positively affect information asymmetry among investors. Our research assumes the current tendency of annual reports does not worsen the information environments for investors in extracting the information.

中文翻译：

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年报披露特征与信息不对称——来自美国上市公司的证据

本研究考察了年度报告中两个最有趣的披露特征与信息不对称之间的关联。这说明年度报告的长度与信息不对称呈负相关。相比之下，我们的研究表明，年报可读性的提高不会对投资者之间的信息不对称产生积极影响。我们的研究假设当前的年度报告趋势不会恶化投资者提取信息的信息环境。