Michael Erkens analyzes the determinants and consequences of information disclosure. He
presents an empirical investigation of corporate risk management disclosures of nearly 400
firms from 20 European countries. The results show that countries' institutional settings and
cultural values are predominant factors why firms disclose information on their risk management
practices. In another study the author analyzes the economic consequences associated with the
publication of an annual report in English by European firms from non-English speaking
countries. He finds that the release of English annual reports attracts more analysts and
foreign investors to the firm and decreases information asymmetries between insiders and
outsiders of the firm.
