The practice of U.S. public companies issuing quarterly earnings guidance is coming under increased scrutiny and criticism. We test two competing hypotheses on whether information asymmetry will increase or decrease after quarterly earnings guidance cessation. The first hypothesis,...

We analyze and compare the information quality of order flows on the exchange and on off-exchange venues reported to Trade Reporting Facilities. Compared to exchange order flow, we find that off-exchange order flow has significantly lower information quality, including a lower information ratio...