With the adoption of Regulation Fair Disclosure (Reg FD), market behavior around earnings releases displays no significant change in return volatility (after controlling for decimalization of stock trading) but significant increases in trading volume due to difference in opinion. Analyst...

With the adoption of Regulation Fair Disclosure (Reg FD), market behavior around earnings releases displays no significant change in return volatility (after controlling for decimalization of stock trading) but significant increases in trading volume due to difference in opinion. Analyst...

We assess the impact of Regulation Fair Disclosure (Reg FD) by examining market and analyst forecast behavior around earnings releases. After the implementation of Reg FD, stocks experience declines in event period return volatility, increases in event period trading volume due to differential...

With the adoption of Regulation Fair Disclosure (Reg FD), market behavior around earnings releases displays no significant change in return volatility (after controlling for decimalization of stock trading) but significant increases in trading volume due to difference in opinion. Analyst...

Miller's hypothesis posits that divergence of opinion can lead to asset overvaluation and subsequent long-term underperformance in markets (such as initial public offerings [IPOs]) with restricted short-selling. Consistent with this hypothesis, we find that early-market return volatility, a...