Are pandemics systemically important to modern-day financial markets? This study uses the COVID-19 pandemic as a natural experiment for testing how large-scale pandemics affect the financial markets. Using hand-collected data at the firm level, I find that managers systematically underestimated...

While mandatory disclosure provides benefits, it also entails costs. One such cost concerns managerial learning – by discouraging informed trading, disclosure could reduce managers' ability to glean decision-relevant information from prices. Using mandatory segment reporting in the U.S., we...

As of October 2008, the new amendments to IAS 39 & IFRS 7 were introduced by IASB as a direct reaction to the financial crisis. Since IFRS followers was given the option to reclassify certain financial assets, it partially changes the mark-to-market requirements, and leads to the fair accounting...

Investors rely on corporate disclosure to make informed decisions about the value of companies they invest in. The COVID-19 pandemic provides a unique opportunity to examine disclosure practices of companies relative to peers in real time about a somewhat unprecedented shock that impacted...

To answer the question what causes an asset to be illiquid, we analyze the impact that transparency of corporate accounting information has on the liquidity of its traded bonds. In particular, we focus on how this relationship depends on aggregate liquidity and the financial state of the firm....

The aim of this paper is to examine what has been the role of information provision to the market throughout the crisis. We consider two main sources of information to the market, financial statements and information provided by credit rating agencies. We examine how these sources of information...

This study investigates the effect of extreme uncertainty on disclosure behavior by analyzing the quality and quantity of forward-looking disclosures during the global financial crisis and pre-crisis periods, controlling for other determinants of disclosure behavior. Prior research has struggled...

We exploit the Fukushima nuclear disaster as a source of variation in the demand for environmental information to study the economic consequences of environmental disclosure. Using a large, hand-collected sample of Japanese firms, we find that firms that issue stand-alone environmental reports...

We investigate the role of segment disclosure, as a corporate governance mechanism, in enhancing investment efficiency, and whether and how corporate governance mechanisms ameliorate or exacerbate under-investment and over-investment problems. Using a large US sample for the period 2001-2006, we...

This study is aimed at developing and validating an index designed to measure the level of social disclosure of external social programmes implemented by firms listed on the Brazilian stock market. Based on Ramanathan (1976), Haydel (1989) and Hammond and Miles (2004), the index of social...