Internal capital markets are important determinants of investment and economic growth in the modern economy. We exploit a regulatory experiment on short selling restrictions and microdata on multinationals' foreign operations to test whether external governance pressure from short selling...

We apply modern machine learning techniques to characterize disclosure misclassification by public companies. We find that 12-26% of disclosures are misclassified; those concerning material definitive agreements, executive or director turnover, and delistings are most commonly misclassified. Using...

By allowing investors to efficiently allocate capital, developed financial markets promote economic growth. We revisit a key component of financial market development, namely financial reporting standards, to identify a channel underpinning this link. We focus on introductions of new financial...

We study whether and how publicizing internal information affects the value of financial markets to the real economy. By publicizing corporate filings, the SEC's EDGAR web platform reduces the cost of acquiring internal information for outsiders and so makes it relatively less attractive to...

The SEC regulates and standardizes information production in financial markets through financial reporting standards. With a novel dataset exploiting institutional features of the standard setting process. On average, standards increase aggregate market value by 0.93%, although discord among...

We use fair value adoption as a quasi-natural experiment to examine the effect of hard information on credit supply through a contracting channel. After fair value adoption, usage of financial covenants depending on capital-based fair value treatments significantly declined. Capital-based...