We examine firm disclosure choice during the initial public offering (IPO) roadshow presentation to examine the informativeness of a management presentation designed to attract investors. While firms must submit a comprehensive registration filing during the IPO, investors convey strong interest...

We provide evidence that higher-quality disclosure standards are associated with stock returns that are less sensitive to noise driven by investors' moods. We identify return-mood sensitivity (RMS) based on the association between index returns and urban cloudiness, a source of short-term...