Using hand‐collected data, we find that lawyer CEOs, defined as CEOs with a legal education background, tend to make first disclosures about pending litigation cases on a timelier basis for litigation cases that end up with material losses than do non‐lawyer CEOs. However, for cases that result in immaterial losses, the presence of lawyer CEOs is not associated with optimistic claims. In contrast, lawyer CEOs are less likely to issue pre‐warnings prior to material settlements than non‐lawyer CEOs. We attribute the latter finding to the high perceived levels of disclosure proprietary costs in terms of ‘tipping one's hand’ to opposing counsels. These findings suggest that lawyer CEOs do not always exhibit conservative and risk‐averse disclosure styles.

Feng Chen

Yu Hou

Gordon Richardson

Barbara Su

Abacus

Since 1965 Abacus has consistently provided a vehicle for the expression of independent and critical thought on matters of current academic and professional interest in accounting, finance and business. The journal reports current research; critically evaluates current developments in theory and practice; analyses the effects of the regulatory framework of accounting, finance and business; and explores alternatives to, and explanations of, past and current practices.

Since its inception in 1965, the journal Abacus has consistently served as a platform for independent and critical thought on issues of current academic and professional interest in accounting, finance, and business. The journal reports on current research, critically evaluates recent developments in theory and practice, analyzes the impact of the regulatory framework on accounting, finance, and business, and explores alternatives to and explanations for past and present practices.

自1965年以来，《Abacus》期刊始终为会计、金融和商业领域的独立和批判性思考提供了一个平台。该期刊报道当前的研究，批判性地评估理论和实践中的最新发展，分析会计、金融和商业的监管框架的影响，并探索过去和现在实践的替代方案及其解释。

Category	Quartile
管理学	4
管理学, 商业财政与金融	4

Lawyer CEOs and Strategic Disclosure of Litigation Loss Contingencies

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Journal Info

Category	Quartile
BUSINESS, FINANCE	2