We evaluate whether big data relating to third-party online sales disclosures affects managerial incentives to withhold bad news. To the extent that access to big data can reduce investors’ disclosure processing costs associated with other publicly available corporate information, it is also...

We study the consequences of firm-specific stock price crashes (SPCs) by examining whether, and if so, how SPCs affect market information efficiency. This contrasts with prior research that focuses on firm-specific causes or determinants of SPCs. The tension underlying our research question...

We examine the impact of financial regulation policy uncertainty on mispricing of earnings among banks, which are heavily regulated and strongly influenced by such policies. The tension underlying our study stems from two opposing effects. To the extent that economic uncertainty generated by the...

Between 2000 and 2003 a series of disclosure and analyst regulations curbing abusive financial reporting and analyst behavior were enacted to strengthen the information environment of U.S. capital markets. We investigate whether these regulations reduced security mispricing and increased stock...

Between 2000 and 2003 a series of disclosure and analyst regulations curbing abusive financial reporting and analyst behavior were enacted to strengthen the information environment of U.S. capital markets. We investigate whether these regulations reduced security mispricing and increased stock...

Unlike prior research that focuses on determinants of firm-specific stock price crashes (SPCs), we study the consequences of SPCs on market information efficiency. The tension underlying our research question stems from two competing explanations. As an unanticipated shock, a SPC could stimulate...