Li 2008
    - Bloomfield critique: What if losses are simply more complex to discuss
        - Result on stock option ownership favors obfuscation though
    - Bloomfield critique: Results on future oriented discussion consistent with:
        - Conservatism: Bad news recognized as it happens, good news recognized when in the past
    - FOG >= 18 is unreadable on page 5/225.  Median is 19.24, 25th is 18.44
        - What does this say about annual reports?  What does it say about the measure?
        - Grab this data file...
        - Mention: Per Loughran, there is a coding error that downweights FOG.  Periods weren't removed from numbers.
    - Also tried Flesch Reading ease and Flesch Kincaid
    - Why positive coefficient on FOG in positive earnings earnings persistence table? (main effect of Table 4, panel A, p15/235)
        - Why does "obfuscation" lead to an increase in earnings?
    - Table 5: Little evidence that readability predicts future earnings persistence for loss firms; only for profit firms
Huang, Teoh and Zhang (Tone Management)
    - "We view disclosure tone as jointly determined by economic fundamentals and managerial incentives."
        - We don't know how filings are written
    - Tone of press releases is more positive on average at 0.0043 (as compared to negative in LM) 9/1091
        - Consistent with other channels as well.
    - No idea what restatement measure they are using...  GAO p1098
    Key result is p1096 -- abnormal tone negatively predicts future earnings
    - Why does abtone not predict restatements in year t+1?  And why look at longer horizons instead of simultaneous?
Dyer, Lang, and Stice-Lawrence (2017) Evolution of 10-K disclosure...
    - "Available only for the 22,349 documents for which we can identify all sections." 8/228
        - Difficulty of identifying 10-K sections
    - Perplexity is a bad way to test LDA models -- always goes down
        - Intrusion task: Give a few words from 1 topic and a word from another.  Theirs is a bit easier, because they require the intruder to be in the bottom 15% of the topic instead of anywhere.
        - 150 topics is too much, especially for what they are trying to do.