's stock price increases. Further, independent directors with high reputation incentives serve firms that voluntarily disclose … reputation incentives of independent directors. Our results therefore support a causal interpretation of the positive influence … that independent directors with reputation incentives exert on corporate transparency …

an intermediary who cares about his reputation. Fundamentalists are rational investors with long horizons who are … (consequently stock price) without losing his reputation when there is information asymmetry. We also show that there is a trade …-off between broker level competition for reputation and market liquidity. Broker level competition checks manipulation, but it …