Binding foreign ownership limits fragment stock trading in Thailand into distinct markets for locals and foreigners. Foreigners (locals) who buy on the local (foreign) board lose dividends and voting rights (pay a price premium). We observe a surprising amount of cross-market activity among...

We examine market responses to earnings announcements in Singapore and Thailand, where shares restricted to local investors trade alongside otherwise identical shares available to foreigners. Our evidence is consistent with foreigners having superior information processing ability, rather than...

We document beneficial associations between openness to foreign equity investors and the information environment in emerging stock markets. Openness is reflected in legal, regulatory, and cross-listing events, the fraction of stock available to foreign investors, and the size of U.S. portfolio...

With the adoption of Regulation Fair Disclosure (Reg FD), market behavior around earnings releases displays no significant change in return volatility (after controlling for decimalization of stock trading) but significant increases in trading volume due to difference in opinion. Analyst...

We assess the impact of Regulation Fair Disclosure (Reg FD) by examining market and analyst forecast behavior around earnings releases. After the implementation of Reg FD, stocks experience declines in event period return volatility, increases in event period trading volume due to differential...

We examine stock market behavior around earnings announcements in three countries with different degrees of government involvement with corporations. We find evidence consistent with insider trading in shares of politically connected Indonesian companies. We find little comparable evidence for...

We propose that syndicate pressure distorts unaffiliated analysts' incentive to produce information. To examine this newly proposed conflict of interest problem, we separate unaffiliated analysts into two types. The first type is the analysts employed by syndicate banks, which do not have direct...

We examine how monitoring costs and costs of financial distress affect the use of performance pricing provisions in bank loan contracts. We find that firms that are easier to monitor, such as those with better accounting quality, lower information opacity, or a stronger prior relationship with...

We identify firm innovation as a channel through which the treatment of employees affects firm value. Long-term incentive theory supports positive effects of “good” employee treatment on innovation. Alternatively, entrenchment theory suggests such treatment will lead to complacency and...