We study firms' voluntary disclosures in a world of potential information leaks. We find that managers adapt their … merely expose the manager's information endowment and impedes disclosure if leaks in addition uncover the content of the … manager's information. We identify a non-monotonic effect on voluntary disclosure if the scope of information leakage is …

's disclosure policy and information environment. Having less information spillover from other public firms may present an … information deficiency if it is not compensated by other components of the information environment. Consistent with firms … attempting to mitigate the information deficiency through strengthening their tacit commitment to continued disclosure, I find …

We show that private firms that go public in the U.S. create positive information externalities for their already …-listed peers: their IPO filings improve their peers’ trading liquidity directly, by reducing information asymmetry, and indirectly …, by crowding in both voluntary disclosure and analyst information production at peer firms. Positive information …

volatility spread – around significant information events such as earnings announcements and unscheduled corporate announcements …. They conclude that option traders have an information advantage over equity traders prior to a variety of information … presentation, including the distinction between information processing and information acquisition; the volatility measures used by …

We examine whether rational investor responses to information uncertainty explain properties of and returns to … accounting-based trading anomalies. We proxy for information uncertainty with two measures of earnings quality: the standard … performance-adjusted abnormal accruals from a modified Jones (1991) model. Over 1982-2001, we find that accounting-based trading …

Extreme adverse selection arises when private information has unboundedsupport, and market breakdown occurs when no … support of private information converges to an unboundedsupport. A necessary and sufficient condition for market breakdown is …

This study analyzes corporate voluntary disclosures to the capital market in the presence of competing information … sources, from which traders can subsequently obtain additional public and private information. The analysis demonstrates that … the anticipated access of traders to additional information sources may significantly alter the voluntary disclosure …

This study examines analyst information intermediary roles using a textual analysis of analyst reports and corporate …. In addition, we find that investors place a greater value on new information in analyst reports when managers face … greater incentives to withhold value-relevant information. Analyst interpretation is particularly valuable when the processing …

This paper is designed to explore the nature of information system development in small and medium sized enterprises …

We analyze a model in which the value of a security is comprised of multiple distinct parts and private information … about these pieces is scattered among investors. We show that as information is scattered into smaller, distinctively … informative pieces, endogenous information acquisition activity can increase, even if the acquisition cost does not decrease. Our …