Stakeholders in the Chapter 11 reorganization process face significant information uncertainty about the post‐emergence prospects of the firm. The U.S. Bankruptcy Code requires a debtor to provide a disclosure statement containing “adequate information” about its financial status and a proposed reorganization plan but stops short of rigidly defining the adequacy standard. We document the heterogeneity in disclosure statement information across 16 distinct attributes and examine the variation in disclosures along several dimensions that reflect agency costs and coordination problems. We observe that Chapter 11 disclosure correlates more with claimant‐ and case‐specific characteristics than pre‐bankruptcy debtor characteristics. Our results illustrate the importance of institutional features in specific disclosure settings such as bankruptcy court filings. The research questions and methods of this study were registered via the Journal of Accounting Research’s registration‐based editorial process.

中文翻译：

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第 11 章破产法中公司的法院披露*


第 11 章重组过程中的利益相关者面临着有关公司出现后前景的重大信息不确定性。美国破产法要求债务人提供一份披露声明，其中包含有关其财务状况的“充分信息”和拟议的重组计划，但没有严格定义充分性标准。我们记录了 16 个不同属性的披露声明信息的异质性，并检查了反映代理成本和协调问题的多个维度的披露变化。我们观察到，第 11 章的披露与债权人和案件特定特征的相关性高于破产前债务人特征。我们的结果说明了制度特征在特定披露环境（例如破产法院备案）中的重要性。本研究的研究问题和方法是通过《会计研究杂志》的注册编辑流程进行注册的。