We investigate the impact of reporting regulation on corporate innovation activity. Exploiting thresholds in Europe's regulation and a major enforcement reform in Germany, we find that forcing a greater share of firms to publicly disclose their financial statements reduces firms' innovative...

Abstract: Regulatorische Risiken entstehen, wenn der Staat Institutionen nicht nutzt, um Risiken zu reduzieren, sondern diese verstärkt. Die Parallelität von allgemeiner Wettbewerbsaufsicht und sektoralen Regulierungseinrichtungen erzeugt oft unterschiedliche Regelungen und Interventionen für...

In a multiperiod investment framework, firms with high expected growth earn higher expected returns than firms with low expected growth, holding investment and expected profitability constant. This paper forms cross-sectional growth forecasts, and constructs an expected growth factor that yields...