We investigate whether managers internalize the spillover effects of their disclosure on the stock price of related firms and strategically alter their disclosure decisions when doing so is beneficial. Using data on firm-initiated disclosures during all-cash acquisitions, we find evidence...

We investigate whether managers internalize the spillover effects of their disclosure on the stock price of related firms and strategically alter their disclosure decisions when doing so is beneficial. Using data on firm‐initiated disclosures during all‐cash acquisitions, we find evidence...

The US Congress introduced the Patent Pilot Program (PPP) in 2011, which allowed judges with expertise (as opposed to randomly selected judges) to preside over more patent cases to facilitate efficient ruling. We find firms in counties subject to the PPP increased patent-based innovation by...