Both theory and evidence are mixed regarding the impact on prices of trading on “dark” venues partially exempt from National Market System requirements. Theory predicts that price discovery improves as dark venues siphon noisy uninformed trades, but increased adverse selection reduces...

Disclosure is of fundamental interest to accounting research. When the sign/magnitude of disclosed news is unclear, research infers the information content of disclosures using the ratio of return volatilities during disclosure event and non-event windows (Beaver, 1968). We show the ratio is...

Shareholders' approval rates on M&A deals are informative, because they are predictive of the acquirer's post-merger operating performance. Since the passing of the deal is salient information while the specific approval rate is not, investors may misprice the detailed voting outcome due to...