We examine the effects of banks' financial reporting frequency from 2000 to 2014 and find that quarterly reporting improves their loan portfolio quality. Sample banks experience a relative decrease of about 11 percent in their nonperforming loans after switching to quarterly financial...

Does enhancing banks' information sets and understanding of credit risks improve loan loss recognition? We study this question using a global dataset of staggered initiations and coverage increases of public credit registries (PCRs). Mandated by national regulators, PCRs collect borrower and...

We employ the European Central Bank's Loan-level Reporting Initiative as a shock to banks' asset disclosures. We find that, after the regulation, treatment banks raise more capital at cheaper rates and increase lending. Using novel survey data on small businesses, we also document that, in...

Academics and policy research strives to understand the role of public credit registries (PCRs) and information sharing in the development of financial markets. To provide insights into this question, the empirical literature exploits reforms that establish or expand credit registries. Thus, it...

We study the economic consequences of mandates that require bank auditors to report to bank supervisors. Based on survey responses from the European Central Bank and all 28 national bank regulators within the European Union and a review of national banking regulations, we create a novel dataset...

Conventional wisdom suggests that increases in public information improve market liquidity. However, if greater public information incentivizes only sophisticated investors to produce private information, it could exacerbate information asymmetry among investors and thus reduce liquidity. We...