We examine whether the simultaneous release of information affects managers' ability to gather decision-relevant information from market prices. We use the plausibly exogenous timing of patent grant disclosures by the United States Patent and Trademark Office as a source of variation in the...

Can firms use the U.S. patent system to communicate with the financial market? This study uses variation in local patent information availability to identify local changes in trading volume in reaction to the release of a patent. The variation comes from changes in the geographic location of...

Politicians frequently intervene in the regulation of financial accounting. Evidence from the accounting literature shows that regulatory capture by special interests helps explain these interventions. However, many accounting rules have broad economic or social consequences, such as their...

We conduct a controlled experiment with financial professionals to examine more directly whether value and momentum reflect risk factors or mispricing. By eliciting their risk perceptions and return expectations for company stocks, we identify what constitutes a risky investment from the point...

Politicians frequently intervene in the regulation of financial accounting. Evidence from the accounting literature shows that regulatory capture by special interests helps explain these interventions. However, many accounting rules have broad economic or social consequences, such as their...