Our MF sample is constructed with firms on First Call Historical Database (FCHD) with an additional search in Factiva and
Lexis-Nexis for the period 1997–2009. Our sample period begins with 1997 because enough MF data are not available on
FCHD before 1997. Since the sample period begins after the Private Security Litigation Reform Act (PSLRA) of 1995, our test
results are unaffected by the implementation of the law. While we first focus on annual MFs, we also use quarterly MFs to
test our hypotheses as an extension. In addition to MFs, we examine another important disclosure mechanism: conference
calls. We obtain conference call data from First Call (1997–2003) and Bestcalls.com (1999–2009).
Our sample for the presence of the GC in top management is primarily constructed from the firms comprising the
ExecuComp and 10-K, with a complimentary search in proxy statements and company websites for the period 1997–2009.