We analyze the information production decision of a manager who can trade on this information and whose compensation is increasing in the stock price. The amount of information produced increases with the stock's volatility and liquidity and decreases with the manager's pay-performance...

Natural disasters are conjectured to have two opposing effects on insurance firm values: a negative effect due to payments on policyholders' claims and a positive effect due to expectations of higher premiums. We test for the presence and relative strengths of these two effects by examining the...

We analyze the information production decision of a manager who can trade on this information and whose compensation is increasing in the stock price. The amount of information produced increases with the stock's volatility and liquidity and decreases with the manager's pay-performance...