Paper Title
An Empirical Study About Family Firms’ Financial Disclosure

Abstract - We study the voluntary disclosure practices of family firms. We document that family firms provide more annual earnings forecasts as compared to non-family firms because of their long-term investment horizons. We also find that family firms have better earnings forecast accuracy. Most importantly, we find that family firms issue more bad news prior to stock repurchase announcements and more good news before seasoned equity offerings, which suggests that family firms opportunistically manage the timing of their corporate events. Keywords - Family firms, Seasoned Equity Offerings, Stock Repurchase, Voluntary Disclosure