Figure 7 · Panel A

Per year, the share of topics discussed outside that a reasonable reader would expect in the financial statements (line), split by the computed outcome (bands). Click a band, or a count in the table, to list its cells; each opens in the rating drawer.

Table

Counts of cells; shares are of all discussed cells in the year. Click a count to list the cells.

Year	Cells	Expected	Reflected	Boundary reason stated in FS	Boundary reason inferred	Residual gap (no good reason)	Nothing expected
2019	181	40%	127%	00%	3419%	2614%	10960%
2020	189	39%	179%	00%	3116%	2614%	11561%
2021	214	46%	2914%	31%	4019%	2612%	11654%
2022	219	50%	4018%	63%	3717%	2712%	10950%
2023	219	55%	4320%	52%	4521%	2813%	9845%

Select a band or a count to list its cells here.

150 firm-years, contract 2026-10-07-run150. Outcomes are computed in code from the two stages; see How it works.