Discussion of “the evolution of 10-K textual disclosure: Evidence from Latent Dirichlet Allocation”

Dyer et al. (2017) examines trends in 10-K textual disclosure from 1996–2013. Using a set of variables from prior textual research, they show a decrease in characteristics generally considered desirable and an increase in attributes considered undesirable. The trend is driven by disclosures to comply with new regulatory reporting standards. The study takes a high-level approach allowing an overview perspective. However, that approach also means...