This paper examines whether portfolio disclosure requirements for actively managed investment funds affect the investment decisions of firms owned by the funds. We argue that mandatory portfolio disclosures reduce fund managers’ incentive to collect and trade on private information, which...

Research has shown the importance of corporate disclosure and dissemination in reducing information asymmetry and improving market efficiency. However, while investors and analysts might receive corporate disclosures, they often need help with assimilating the information to better understand...

A dedicated investor relations (IR) function facilitates direct and ongoing dialogue between management and shareholders. This paper examines whether this form of engagement mitigates activism that relies upon support from other shareholders. We find that IR engagement is associated with...

This paper examines whether portfolio disclosure requirements for actively managed investment funds affect the investment decisions of firms owned by those funds. We argue that mandatory portfolio disclosures reduce fund managers’ incentive to collect and trade on private information, which...

Firm disclosures often reach only a portion of investors, which results in information asymmetry among investors, and therefore lower market liquidity. This issue is particularly salient for firms that are not highly visible, as they tend not to receive broad news dissemination via traditional...