Using search traffic on the EDGAR system of the Securities and Exchange Commission (SEC), we examine investor demand for information and its impact on security prices. Focusing on the registration period for IPOs when information asymmetry between investors and the issuing firm is likely to be...

The relationship between asset management activities and financial stability risks has been a frequent topic of discussion among financial market participants and regulators in recent years. This discussion has arisen in light of the significant growth in the asset management industry and the...

Artificial Intelligence, perhaps better known by its two-letter acronym “AI,” has been the fodder of science fiction writing for decades. But the technology underlying AI research has recently found applications in the financial sector – in a movement that falls under the banner of...

In most discussions of artificial intelligence today, the great enabler is machine learning. Algorithms that perform intelligent tasks – those without explicit human direction – are becoming ubiquitous. But machines must be able read before they can learn. And information most relevant to AI...

We use survey responses from 2,901 corporate insiders to assess the costs and benefits of compliance with Section 404 of the Sarbanes-Oxley Act. The majority of respondents recognize compliance benefits, but they do not perceive these benefits to outweigh the costs, on average. This is...

We use survey responses from 2,901 corporate insiders to assess the costs and benefits of compliance with Section 404 of the Sarbanes-Oxley Act. The majority of respondents recognize compliance benefits, but they do not perceive these benefits to outweigh the costs, on average. This is...

Executives frequently forecast large operating efficiency gains from mergers. Using these projections, we study the impact of operating synergies on merger performance. Investors' reaction to mergers varies directly with the availability of these forecasts and the gains they imply, and...

In this report we present an analysis of the information extracted from Form D filings received by the Commission since the beginning of 2009. The results are intended to inform the Commission on the amount and nature of capital raised through unregistered offerings claiming a Regulation D...

We show how the change to differential voting rights allows dominant shareholders to retain control even after selling substantial economic ownership in the firm and diversifying their wealth. This unbundling of cash flow and control rights leads to more dispersed economic ownership and a closer...

Protective governance structure is often viewed as costly to minority shareholders who bear the costs of opportunism by entrenched managers. A less common view is that protective governance structures encourage value-enhancing initiative, allowing risk-averse managers to pursue projects they...