Comparing the Cybersecurity Risk Disclosures of U.S. and Foreign Firms

This study explores the cybersecurity risk disclosure differences between foreign firms listed in the U.S. and U.S. firms. We first extract cybersecurity risks disclosures text with a Python program based on a list of cybersecurity keywords. We then perform textual analysis of the cybersecurity risk disclosures in foreign firms' 20-F filings and U.S. firms' 10-K filings. During our study period, we observe that foreign firms disclose more about...