Information disclosure is an essential component of regulation in financial markets. In this article, we provide a cohesive analytical framework to review a few key channels through which disclosure in financial markets affects market quality, information production, efficiency of real...

We study the ex ante stock market reactions to events leading up to China's convergence to International Financial Reporting Standards (IFRS). The literature consistently shows that the benefits of mandatory IFRS convergence are concentrated in countries with stronger legal enforcement and...

I study voluntary disclosure of oligopoly firms when they learn information from asset prices. By disclosing information, a firm incurs a cost of losing competitive advantage to its rivals but benefits from learning from a more informative asset market. Adding a financial market helps the...

We study information production and diffusion resulting from dynamic interactions between different types of informed investors in financial markets. Using a theoretical framework that exploits the setting of the Q&A section of earnings conference calls, we predict that information production...