This paper investigates whether a firm's disclosure practices affect the composition of its institutional investor ownership and, hence, its stock return volatility. The findings indicate that firms with higher AIMR disclosure rankings have greater institutional ownership, but the particular...

This paper investigates whether the quality of a firm's disclosure practices affects the composition of a firm's institutional investor base and whether this association has implications for a firm's stock return volatility. The findings indicate that firms with higher disclosure quality, as...

We documented that announcements of a delay in the reporting of earnings produce an average one-day abnormal stock return of approximately -6%, with delays precipitated by accounting issues or lacking an explanation resulting in more negative market reactions than delays relating to business...

This paper investigates whether a spin-off, equity carve-out, or targeted stock offering results in making the operating performance of a firm's business segments more transparent. Using a sample of 146 spin-offs, equity carve-outs, and targeted stock offerings between 1990-1995, we document...

This paper investigates the association between voluntary disclosures and insider transactions (i.e., transactions made by managers in their own firms' shares). Specifically, insider transaction patterns are analyzed around 949 management earnings forecasts issued by 85 firms between July 1,...

This paper examines the influence of managers' earnings guidance on analysts and investors. Specifically, we analyze whether certain firm characteristics affect how successful management earnings forecasts are at influencing analysts' earnings estimates. We also analyze whether managers' varying...