Public or partial disclosure of financial data is a key element in the design of a new regulatory environment. We study the costs and benefits of higher public access to financial data and analyze qualitatively how frequency, disclosure lag and granularity of such open data can be chosen to...

Public or partial disclosure of financial data is a key element in the design of a new regulatory environment. We study the costs and benefits of higher public access to financial data and analyze qualitatively how frequency, disclosure lag and granularity of such open data can be chosen to...

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,...

The Backdrop : Transformation of the Traditional Commodity-Based Economy of the Kingdom of Saudi Arabia -- Saudi Capital Market and Its Role in the Saudi Economy -- Developing an Effective Securities Dispute Resolution Mechanism -- Disclosure Regulations and Their Enforcement in the Saudi...

This paper investigates the capital market consequences of expectations management in the postRegulation Fair Disclosure period. Results show that investors “punish” firms that deliberately issue pessimistic public guidance to dampen analysts' expectations to a beatable level in the...