This study explores firms’ disclosure strategies in the context of costly information pro-cessing. We hypothesize that managers can manipulate the disclosure processing cost to hide more negative information in the 10-K/Q filings while presenting more favorable news in the Earnings calls. To investigate the relationship between the processing cost and the informativeness of the disclosures we develop a novel methodology that allows us to estimate the similarity of the two information outlets by regressing one text on another regardless of their correspondent size and/or structure.