One key challenge of regulatory oversight is information asymmetry between the regulator and the regulated. We investigate this issue through a unique setting in which the SEC uses firms’ voluntary disclosures to bridge the information gap during their periodic reviews of mandatory...

We investigate the interest shown by rank-and-file employees in seeing their firm meeting Wall Street’s expectations. We find that those who currently work for firms that meet or marginally beat analysts’ forecasts experience greater job satisfaction, controlling for the underlying financial...

This study addresses whether firms provide more voluntary disclosures if they redact otherwise mandatorily disclosed contract information, whether firms have higher information uncertainty after they redact, and, if so, the extent to which this higher uncertainty is mitigated by the disclosures....

In this study we use the recently mandated risk factor disclosure to examine the spillover effect of the SEC review of qualitative corporate disclosure. We find that firms not receiving any comment letter (“No-letter Firms”) modify their subsequent year's disclosures to a larger extent if...

The financial crisis has led to renewed interest in the effects of deregulation on bank governance and incentives provided to bank CEOs. We examine the relation between bank CEO turnover and performance, and whether this relation has been affected by banking deregulation. We find that bank CEO...

Protecting value-relevant information is becoming increasingly important and challenging as we move towards a knowledge-based economy and partners along the supply chain are more closely intertwined. We document three customer-supplier characteristics (i.e., customer R&D intensity, patent...

Over 80 percent of securitized loans consolidated back onto banks' balance sheets as a result of FAS 166/167 are revolving consumer loans, primarily credit card loans. In this paper, we examine the impact of FAS 166/167 on the credit card loan securitization. First, we document that the affected...