Using a sample of 264 strategic plan presentations by Milan Stock Exchange firms during 2001-2012, we present evidence of both security price reactions and increases in the accuracy of analysts' earnings forecasts pursuant to plan disclosure. In the cross-section, the information content of the...

Using proprietary market microstructure data of Milan Stock Exchange and strategic plan presentations of Italian firms as disclosure events we explore the distributional effects of voluntary disclosure. We document systematic trading patterns around our disclosure events that on average generate...