Stock exchanges are important intermediaries in how firm information enters price. Trading halts are a key tool, often exercised at the exchanges' discretion, to prevent extraordinary price volatility when new information arrives. However, the decision making behind the halt remains a...

We investigate executive employment gaps (hereafter, gaps) between the appointment of an external CEO at a public firm and the individual's prior executive position at a public company. These gaps cannot be reliably obtained from common databases. We hand collect data for externally hired CEOs...

This paper examines ldquo;bundledrdquo; forecasts, or management earnings forecasts issued concurrently with earnings announcements, which have evolved to become the most common type of management forecast. We describe the econometric problems associated with measuring bundled forecast news and,...

This study examines whether managers strategically alter disclosure ldquo;qualityrdquo; in response to personal incentives, specifically those derived from trading on their own account. Using changes in market liquidity to proxy for disclosure quality, I find that trading incentives are...

We study the effect of disclosure on uncertainty by examining how management earnings forecasts affect stock market volatility. Using implied volatilities from exchange-traded options prices, we find that management earnings forecasts, on average, increase short-term volatility. This effect is...

We examine changes in the disclosure behavior of firms involved in 827 disclosure-related class-action securities litigation cases filed between 1996 and 2005. We find no evidence that the firms in our sample respond to the litigation event by increasing or improving their disclosures to...

Strategic disclosure, which we define as the reporting of good news and the withholding of bad news, provides an explanation for a well-documented dynamic pattern in returns: The negative relation between return shocks and conditional return volatility. Black (1976) dubbed this relation the...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>This study examines whether managers strategically alter disclosure "quality" in response to personal incentives, specifically those derived from trading on their own account. Using changes in market liquidity to proxy for disclosure quality, I find that trading incentives are associated...