We examine an effect of Regulation Fair Disclosure (Reg FD) on voluntary public managerial guidance information quality. Results suggest that the information quality of public guidance has not deteriorated after RegFD. We also examine separately the effect of Reg FD on information efficiency...

We analyze an oligopolistic competition with differentiated products and qualities. The quality of a product is not known to consumers. Each firm can make an imperfect disclosure of its product quality before engaging in price-signaling competition. There are two regimes for separating...

Beginning in 2005, the SEC mandated firms to include a “risk factor” section in their Form 10-K to discuss “the most significant factors that make the company speculative or risky.” This suggests that regulators believe that investors benefit from disclosures about firm risk and...

We examine the relationship between analyst research and corporate earnings announcements to explore the relative importance of information discovery versus interpretation of previously released information. Using equity market reaction to capture information content, we find that information...

This paper examines the relation between information's properties, such as reliability and relevance, and public disclosure policy. It shows that the optimal accounting system often involves a carefully balanced combination of mandatory and voluntary disclosure, with mandatory reporting focused...

Objective - The purpose of this study is to provide the argument that carbon disclosure must not only provide economic but also non-economic information. The more comprehensive disclosure of carbon emission is expected to change the behavior of industries in realizing a more environmentally...

The improper use of inside information, governed by EU Regulation No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (MAR) consists of three types of conduct: two of them, known as ‘insider dealing' (or insider trading), are described under Article...