reporting significantly. Higher information asymmetry, measured by the percentage of intangibles in the firm, increases the …

I explore which firm and loan characteristics decrease or exacerbate information asymmetry in the trading of private … institutional investors are associated with higher information costs. I also find that timely loss recognition reduces the bid …-ask spread. This finding suggests that conservative reporting decreases information asymmetry regarding a borrower and increases …

A standard result in the voluntary disclosure literature is that when the manager's private information is a signal … assume that the manager's private information complements the mandatory disclosure and show that the content and likelihood … of a voluntary disclosure depend on whether the mandatory reports contain good or bad news. This different information …

We examine two potential mechanisms through which disclosure quality is expected to reduce information asymmetry: (1 … informed investors, and (2) reducing the likelihood that investors discover and trade on private information. Our results … indicate that the negative relation between disclosure quality and information asymmetry is primarily caused by the latter …

identifying predictable forecast bias. We find managers' willingness to misrepresent their forward-looking information in response …

performance. We test the signaling effects of earnings and dividends under a market setting which has 1) low informativeness of …-taxable feature of dividends does not substantially weaken its signaling effect, the low information content of earnings and low …, is a more effective and cost-efficient channel to signal future performance …

, trading volume, market liquidity, and analysts' information acquisition expenditures. The model supports conventional wisdom … that more frequent interim reporting improves the information content of securities prices, reduces reporting day price … reporting induces analysts to increase their redundant information acquisition expenditures, which may be socially wasteful …

in information asymmetries, the result that trading volume is larger suggests that other effects are at work …