The practice of U.S. public companies issuing quarterly earnings guidance is coming under increased scrutiny and criticism. We test two competing hypotheses on whether information asymmetry will increase or decrease after quarterly earnings guidance cessation. The first hypothesis,...

We provide the first empirical evidence of a non-linear relationship between funding liquidity and market liquidity (FL-ML). The relationship depends on the state of business cycle, firm volatility, and the regulatory regime. Due to heightened funding constraints, equity trading costs increased...