The government in the United Kingdom set up the Kay Review to examine and make recommendations relating to the equity market and its impact on the long-term competitive performance of businesses. The article considers the comments and recommendations dealing with corporate disclosure. It argues...

We study a model where some investors ("hedgers") are bad at information processing, while others ("speculators") have superior information-processing ability and trade purely to exploit it. The disclosure of financial information induces a trade externality: if speculators refrain from trading,...

How do opacity and disclosure policies impact the likelihood of debt runs and economicefficiency? I construct a dynamic model where debt yields are endogenous and mappedexplicitly to the degree of transparency, the regulatory disclosure regime and the stateof the economy. I find that: opacity is...

This paper uses a unique setting of an unbanked industry with high information costs to study the impact of information dissemination by the government on the future growth. Specifically, the paper studies the US Marijuana industry. Marijuana is considered an illegal drug by Federal law and...

Since macro-prudential stress tests have become the main instruments of the supervisory authorities toolkit, the debate on the effect of their results disclosure inflamed. Our work aims at providing a framework that, via a dynamic estimation of the betas, allows to observe the impact of the new...

The disproportion of information in the stock market creates conditions for unlawful use of insider information, which, in turn, produces a negative impact on the stock market, investment conditions in the country and the economy as a whole. In Russia the institute of disclosure in the...

This study explores the extent of financial instruments (FI) information that is supplied by Qatari listed companies under International Accounting Standards (IAS) 30, IAS 32 and International Financial Reporting Standards (IFRS) 7 for the period between 2005 and 2012. The study adopts the...

Information disclosure is an essential component of regulation in financial markets. In this article, we provide a cohesive analytical framework to review certain key channels through which disclosure in financial markets affects market quality, information production, efficiency of real...