This paper examines the impact of mandatory loan-level disclosure on the convenience yield of AAA-rated asset-backed securities. Relying on the put-call parity relationship to estimate the daily risk-free interest rate unaffected by the convenience features of safe assets, we first show that the...

Tax return information is often complex and difficult to interpret. Whether its public availability benefits unsophisticated users remains an empirical question. This study examines whether public disclosure of tax return information affects information asymmetry among more- and less-...

We evaluate the impact of Financial Accounting Standard 132 by measuring how well its required asset allocation information predicts next year's pension returns. We compare the predictive capability of several different models, including Sharpe's style model and survey data by Pensions &...

We study the effects of regulating the timing of disclosure on the quality of accounting information, using a 2003 U.S. regulatory change that accelerates 10-K filing deadlines as a research setting. Employing a difference-in-differences design, we find that the likelihood of issuing financial...

Does transparency harm block traders? In 2004, Securities and Exchange Board of India (SEBI) mandated the disclosure of trades accumulating to more than 0.5% of existing float in a single day. Using unique transaction-level database from the National Stock Exchange (NSE) in India, we present...

We provide evidence suggesting that corporate credit rating changes have an effect on firms' voluntary disclosure behavior that is independent of the information they convey about firm fundamentals. Our analyses exploit two separate quasi-experimental settings that generate either exogenous...

SEC comment letters indicate that the SEC has reviewed the firm's filings and identified a disclosure issue. Using the existence of an SEC comment letter as a proxy for SEC monitoring, we document a negative association between the level of SEC monitoring of foreign firms and the strength of...