We empirically investigate the effects of the adoption of Regulation Fair Disclosure ( Reg FD') by the U.S. Securities … and Exchange Commission in October 2000. This rule was intended to stop the practice of selective disclosure,' in which … loss for small firms, which now face a higher cost of capital. The loss of the selective disclosure' channel for …

Public or partial disclosure of financial data is a key element in the design of a new regulatory environment. We study … the costs and benefits of higher public access to financial data and analyze qualitatively how frequency, disclosure lag … frictions. We lay out a simple framework to choose optimal transparency of financial data …

The 1964 Securities Acts Amendments extended the mandatory disclosure requirements that had applied to listed firms … these disclosure requirements, two of which are particularly striking. First, a firm-level event study reveals that OTC … same companies, our results suggest that mandatory disclosure causes managers to more narrowly focus on the maximization of …

and disclosure regimes, comprising venue rules and state laws beyond SEC regulation. We also exploit the institutional … regulatory regimes. We find that OTC firms that are subject to stricter regulatory regimes and disclosure requirements have … the OTC market and protecting investors: Lowering regulatory requirements (e.g., for disclosure) reduces the compliance …

This essay reviews the theoretical and empirical literature on quality disclosure and certification. After comparing … quality disclosure with other quality assurance mechanisms and describing a brief history of quality disclosure, we address … government mandate disclosure? and (iii) Do certifiers necessarily report unbiased and accurate information? We further review …

Disclosure policies have the potential to help consumers and make markets more efficient. Yet, the effectiveness of … disclosure policies can be undermined if firms strategically make unfavorable information unnecessarily complicated to understand …. To explore the incentives for using complexity in disclosure, we implement a game of mandatory disclosure where senders …

as a result of voluntary disclosure and in turn increases firm value. This suggests that managers can causally influence … their cost of capital via voluntary disclosure …