We examine the effects of mandatory ESG disclosure around the world using a novel dataset. Mandatory ESG disclosure increases the availability and quality of ESG reporting, especially among firms with low ESG performance. Mandatory ESG reporting has in turn beneficial effects on firm’s...

The U.S. securities markets have recently undergone (or are undergoing) three fundamental transitions: (1) institutionalization (with the result that institutional investors now dominate both trading and stock ownership); (2) extraordinary ownership concentration (with the consequence that the...

Being able to separate temporary global macroeconomic influences - caused by fluctuations in exchange rates, interest rates and inflation - from intrinsic performance - related to a superior product, production process or management - is crucial to the assessment of the development of a firm’s...

Nearly a decade ago, the U.S. Securities and Exchange Commission (SEC) began a comprehensive effort to “modernize and simplify” the disclosure rules that apply to U.S. public companies. In that period, investor demand for the SEC to standardize how companies disclose climate-related risk and...

Investors' incentive to acquire private information—and the extent it is reflected in price—is a function of disclosure processing costs. Theory predicts that if these costs change, the amount the manager can learn from price will also vary. To provide evidence on this issue, we exploit the...

This study examines the impact of non-financial disclosure (NFD) on firms' labor investment efficiency. We analyze a broad sample of firms located across 44 countries and the period 2006–2019. Using regression analysis, the association between abnormal employment growth and environmental,...

This paper attempts to compare policies and practices on the disclosure of external auditing results of deposit taking institutions in Hong Kong, Indonesia, China, Japan, Thailand, Singapore, Korea and Malaysia

This paper examines what institutional and bank-specific factors determine bank stock price synchronicity. Using data on 37 countries from 1996–2007, we find that bank stocks are more aligned with the whole market during the financial crisis; in countries that have more credit provided by...

Short selling has long been regarded as aggressive speculation that destabilizes financial markets, raising concerns about their moral foundations. This view gathered unstoppable force in September 2008 when short sales were seen as the principal cause of precipitous falls in the market price of...

Using data from 166 countries over the period 1996-2011, we investigate the role of accounting information in reducing corruption after controlling for the effects of political institutions and economic development. We find strong evidence that accounting environment plays only a minor role...