In this paper we investigate whether the secondary market trading of syndicated loans compromises the quality of bank lending practices. We compare the performance of borrowers of traded loans following the initial trading event against the performance of borrowers of non-traded loans following...

During recent years heightened standards for board audit committee membership has been imposed by the SEC, NYSE and others. Sarbanes-Oxley requires that the Audit Committee will be comprised solely of independent directors, and that the company must disclose whether at least one of the members...

Purpose – Two competing hypotheses explain the motivation of using discretionary accruals: managerial opportunism and managerial optimism. To the extent of the managerial optimism hypothesis, the purpose of this study is to examine whether managers use discretionary accruals to disseminate...

We examine a potential path to value-creation by cybersecurity investments: a reduction in a firm's cost of capital. Building on the existing literature on corporate finance, we suggest that given the business-ending threats of cybersecurity incidents and the importance of cybersecurity...

We study cross-sectional differences in pre-announcement and event-period private information acquisition across firm size and institutional ownership using trading volume reactions to earnings announcements. We find that abnormal volume associated with absolute price change increases with both...

We infer motives for trade initiation from market sidedness. We define trading as more two-sided (one-sided) if the correlation between the numbers of buyer- and seller-initiated trades increases (decreases), and assess changes in sidedness (relative to a control sample) around events that...

This study examines how disclosure quality is related to the long-run level of information asymmetry. We examine two potential mechanisms through which disclosure quality is expected to reduce the long-run level of information asymmetry: (1) disclosure quality will alter the trading incentives...

In this paper, I investigate the association between increased accounting disclosures and bid-ask spreads in an emerging market (China). I hypothesize that the implementation of new auditing standards in emerging markets would result in increased disclosures and a subsequent reduction in...

We hypothesize that conference calls are voluntary disclosures that lead to long-term reductions in information asymmetry among equity investors. Cross-sectional and time-series tests show that the level of information asymmetry is negatively associated with conference call activity. We find...

In this paper we model a corporate manager's choice of a disclosure regime. In a model in which disclosure has no efficiency gains like reduced cost of capital, no legal implications, and no signaling motivations, we show that a manager may choose to disclose payoff-relevant information as a...