Can managers influence the liquidity of their shares? We use plausibly exogenous variation in the supply of public information to show that firms seek to actively shape their information environments by voluntarily disclosing more information than is mandated by market regulations and that such...

Academics and policy research strives to understand the role of public credit registries (PCRs) and information sharing in the development of financial markets. To provide insights into this question, the empirical literature exploits reforms that establish or expand credit registries. Thus, it...