This paper exploits a unique natural experiment in which a regulator limited voluntary disclosure of oil and gas firms …. We examine the implications of this disclosure rule on unexplained trading volume and market liquidity. Relying on the … that liquidity around current filings of oil and gas firms increased following the disclosure rule. Moreover, some results …

This study examines the impact of voluntary disclosure on the cost of capital and information asymmetry, and thereby on … asymmetry, cost of capital, and such firm value, hence, for any given value of voluntary disclosure, values for information … voluntary disclosure index obtained by using a self-constructed index. To calculate the cost of capital, stock market data in …