We examine the equity market reaction to events associated with the passage of a directive in the European Union (EU) mandating increased nonfinancial disclosure. These disclosures relate to firms' environmental, social, and governance (ESG) performance, and would be applicable to firms listed...

We investigate the impact of the French 2012 financial transaction tax on trading activity, volatility, and price efficiency measured by first-order autocorrelation. We extend empirical research by analysing anticipation and reallocation effects. In addition, we consider measures for long-run...

Many current reform proposals of corporate governance involve financial market intervention as an external governance device. Among them, mandatory audit firm rotation has been controversial. This paper empirically evaluates and quantifies the economic impact of mandatory audit firm rotation...

Recent disclosure regulations require firms to disclose more information. Evaluating disclosure regulations requires researchers to account for real decisions and the uncertainty of future earnings. Thus, firms have an incentive to obtain information to make more appropriate real decisions. In...