Using proprietary market microstructure data of Milan Stock Exchange and strategic plan presentations of Italian firms as disclosure events we explore the distributional effects of voluntary disclosure. We document systematic trading patterns around our disclosure events that on average generate...

This paper empirically examines the risk disclosure practices of a sample of listed Spanish firms. Using the content analysis technique, the amount and quality of the information on corporate risks disclosed in corporate governance reports during 2009 were analyzed. Specifically, the main...