I show that more comprehensive corporate disclosure reduces investors’ uncertainty about domestic companies’ payoffs at no cost, thereby decreasing investors’ equity home bias toward a country. Since investors should base their investment decisions on valid and easily interpretable company...

Extant research commonly uses indicator variables for industry membership to proxy for securities litigation risk. We provide evidence on the construct validity of this measure by reporting on the predictive ability of alternative models of litigation risk. While the industry measure alone does...

The internet has created challenges for regulators of financial markets unimagined over eighty years ago by drafters of the Securities and Exchange Acts. The recent explosion in internet use has provided many benefits for investors and publicly-traded companies. The Internet has been a boon to...

In capital markets around the world, calls for greater transparency regarding holdings of cash-settled equity derivatives (in particular Contracts for Difference or CfDs) have arisen due to the increased use of CfDs to gain control or to influence the management of prominent companies on all...

In February, 2010, the Securities and Exchange Commission (SEC) issued Interpretive Release 33-9106 "to provide guidance to public companies regarding… existing disclosure requirements as they apply to climate change matters." In its release, the SEC identified climate change-related issues...

German law requires both private and public companies to disclose a far-ranging set of information to shareholders, creditors, other market participants and the public. The information that must be disclosed under these rules is more extensive in scale and scope than those provided by data...

This paper investigates firms’ decisions to resist individualized disclosure of top management compensation packages. We exploit the unique German setting, where recent legislation man-dates individualized disclosure of remuneration for members of the management board of listed corporations,...

Over recent years, a number of regulators have launched proposals to expand the obligation to disclose major share ownership in listed companies. This paper shows that these are not stand-alone developments. Using a unique dataset comprising data from 25 countries over 11 years (1995-2005) and...

The study addresses the issue of disclosure on internal control system (ICS) recommended by best practices in corporate governance in the light of the agency theory perspective. We posit that reporting on the characteristics of internal control systems is an alternative governance mechanism that...

We study the effects of regulating the timing of disclosure on the quality of accounting information, using a 2003 U.S. regulatory change that accelerates 10-K filing deadlines as a research setting. Employing a difference-in-differences design, we find that the likelihood of issuing financial...