In this study, we examine the equilibrium effects of ESG quality disclosure in both voluntary and mandatory regimes. A firm manager makes a private investment decision in an environmentally friendly or unfriendly project that affects future cash flows and the social externalities produced by the...

Listed company rules governing information disclosure serve as an instrument to protect and manage investors’ vulnerability to the information asymmetry that exists in the securities market. Throughout the history of the development of securities law in China, the corporate disclosure regime...

How does greater public disclosure of arbitrage activity and informed trading affect price efficiency? To answer this, we exploit rule amendments in U.S. securities markets, which impose a higher frequency of public disclosure of short positions. Higher public disclosure can hurt the production...