Research by Nerrisa Brown Within a two-day period in July 2001, UAL Corp., AMR Corp., and Northwest Airlines all released their capital expenditure plans. In October of 2000, SBC Communications, Verizon Communications and Time Warner Telecom released their capital expenditure plans in the same week. This wave-like pattern of voluntary disclosure, known as “herding,” can also be seen in companies’ disclosures of their revenue warnings and accounting misstatements.