We study the agency implications of increased disclosure using a regulatory change in the mutual fund industry as an experimental setting. This quasi-natural experiment mandated more frequent portfolio disclosure, which we show imposes managerial skill re-assessment risks from investors on funds...

This paper presents a novel approach to measure firm-level labor-shortage exposure by leveraging finance-specialized machine learning techniques. Specifically, we use FinBERT to extract information from earnings conference call transcripts to develop a reliable measure of labor-shortage...