When investors have limited attention, does the way in which net income is measured matter for firm value and firms' resource allocation decisions? This paper uses the Accounting Standards Update (ASU) 2016-01, which requires public firms to incorporate changes in unrealized gains and losses...

When investors have limited attention, does the way in which net income is measured matter for firm value and firms’ resource allocation decisions? This paper uses the Accounting Standards Update (ASU) 2016-01, which requires public firms to incorporate changes in unrealized gains and losses...

I study how antitrust concerns arising from product markets influence corporate disclosure in capital markets. While securities regulators encourage disclosure, product-market regulators discourage disclosure of competitively sensitive information. Thus, firms may refrain from disclosing such...