We find evidence consistent with the notion that the broad non-exclusionary disclosure requirement of Reg-FD inhibits the adoption of new disclosure technologies. Our analyses exploit unanticipated SEC guidance (“Reg-SocMedia”) that outlined how social media channels could be used in...

This paper investigates whether firms that disclose information on social media achieve a lower cost of equity capital. Using a hand-collected dataset comprising the full universe of all firms listed on the NYSE, AMEX and NASDAQ, I show that firms that use Twitter have a lower cost of equity...