This paper provides evidence that regulated firms respond to the introduction of mandatory greenhouse gas (GHG) emissions disclosures in the United Kingdom by divesting assets, particularly to acquirers outside Europe. These transactions significantly decrease (increase) the regulated sellers’...

Through peer benchmarking, ESG rating agencies promote competition among firms for better ratings. I investigate whether mandatory firm transparency triggers imitation behavior by rated peerfirms. Following a plausibly-exogenous increase in ESG disclosures, the introduction of mandatorygender...

Recent evidence suggests that managers use voluntary CAPEX guidance to stimulate market feedback by incentivizing informed trading in their stock prices. We show a related decrease in nondisclosing firms' informed trading measures. The reduction in informed trading is pronounced in unexpected...