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Based on the data of Shanghai and Shenzhen A-share listed companies from 2009 to 2018, we explore the impact of delayed disclosure of annual report on the accuracy of financial distress prediction. We find that the information of disclosure delay can significantly improve the accuracy of financial distress prediction. After using alternative measurement of the disclosure delay and considering the endogeneity problem, our conclusions are robust. Our study provides reference for regulatory authorities to standardize the companies' disclosure behaviours and prevent and resolve their major risks. [ABSTRACT FROM AUTHOR]

We explore the influence of text tone on capital structure, especially the impact of positive tone in management discussion and analysis (MD&A) disclosures on the capital structure adjustment speed of Chinese listed firms in Shanghai and Shenzhen Stock Exchange. We find that positive tone in MD&A disclosures significantly promotes the dynamic adjustment of capital structure. Specifically, we identify two types of positive tone: exaggerated and true. We find that only true positive tone significantly promotes the adjustment speed of capital structure. This paper supplements the relevant literature on the dynamic adjustment of capital structure from the perspective of non‐financial narrative information, and provides evidence for the effect of strategic tone management in textual analysis. [ABSTRACT FROM AUTHOR]