Despite the lack of a dominant explanation for the level of risk assumed by investors in asset-backed securities in the period preceding the financial crisis, the U.S. Congress proposed and passed new disclosure prescriptions addressing various aspects of the secondary mortgage market as part of...

We examine whether a shock to the enforceability of Regulation Fair Disclosure (Reg FD) limited its ability to restrict the flow of private information between managers and investors. Prior work provides evidence that Reg FD reduced managers' selective disclosure of material information...

In this paper, we develop a model that can explain why governments may want to choose to offer a voluntary disclosure program that allows people who withheld taxes to turn themselves in without punishment. We find that such a leniency rule not only increases government revenue when it comes as a...

This article argues that the are some quick regulatory fixes the Treasury can implement to ensure that tax-exempt organizations (especially 501(c)(4) social welfare organizations) are operating within the rules and that aggressive tax planning is not being used as a way to obfuscate rules...

Examination of the strict disclosure standards under the Code of Ethics for Arbitrators in Commercial Disputes and the more lenient conflict-of-interest guidelines promulgated by the International Bar Association, particularly in light of the Fifth Circuit decisions in Positive Software...

We use a natural experiment to weigh conflicting theories on the causal impact of shareholder litigation threat on the readability of corporate financial disclosures. In response to a 1999 Ninth Circuit Court of Appeals ruling that caused an unexpected reduction in litigation risk, we find that...

I study how voluntary disclosure of information affects outcomes in plea bargaining. A prosecutor negotiates a sentence with a defendant who privately knows whether he is guilty or innocent. The prosecutor can gather evidence regarding the defendant's type during negotiations, and a trial...

Before 2007, in Germany was the enforcement of the publication of financial statements very weak and disclosure rates were low. Afterwards, a new area of the publicity of financial statements began. Based on an EU-directive the disclosure of financial statements was transferred into a new...