We examine the trade response of individuals, institutional traders, and specialists to disclosures. We investigate reactions to good versus bad news and mandatory versus discretionary announcements. We find that individuals and institutions both have heightened trade activity before...

In this study we examine the response of equity market participants to a wide variety of significant public announcements. Specifically, we examine total and directional trade patterns across 5 investor groups in the 10 trading days centered on the announcement. We utilize the TORQ database to...

This study investigates if the likelihood of hiring a Big 6 auditor is increasing in the firm's endogenous propensity to generate accruals. High-accrual firms have greater scope for aggressive and/or opportunistic earnings management and therefore have an incentive to hire a brand name Big 6...