Listed company rules governing information disclosure serve as an instrument to protect and manage investors’ vulnerability to the information asymmetry that exists in the securities market. Throughout the history of the development of securities law in China, the corporate disclosure regime...

We provide new evidence on the effects of social media in the context of a financial scandal using a sample of banks that were accused of manipulating the London Interbank Offered Rate. We find that increased banks' Twitter activity when the scandal surfaced has a positive moderating effect on...

The artificial portion of screen content images (SCIs) destroys the natural scene statistics of natural scenes. It is also impractical to obtain an accurate statistical model due to the variable composition of the artificial and natural parts in SCIs. To resolve this problem, this paper presents...

I study whether the management guidance provided by local CEOs differs from the guidance provided by nonlocal CEOs. The geographic preferences of the CEOs lead to segmented executive labor markets, which impose higher relocation costs and give rise to lower job mobility. I find that local CEOs,...

The release of earnings information has become less timely in recent years partly because firms increasingly disclose earnings concurrently with their periodic reports (e.g., 10-Ks, 10-Qs). We examine whether firms use voluntary disclosure to mitigate the negative economic consequences of less...

Why do firms engage in costly, voluntary disclosure of informationwhich is subsumed by a later announcement? We consider a model inwhich the firm's manager can choose to disclose short-term informationwhich becomes redundant later. When disclosure costs are sufficientlylow, the manager discloses...

Any effort to specify identity conditions for corporations faces significant challenges. Corporations are amorphous. Nature draws no hard lines defining where they start or stop, whether in space or time. Corporations are also frustratingly dynamic. They often change the most basic aspects of...