We document peer effect as an important factor in determining corporate voluntary disclosure policies. Our identification strategy relies on a discontinuity in the distribution of institutional ownership caused by the annual Russell 1000/2000 index reconstitution. Around the threshold of the...

Recent SEC regulations mandate that hedge fund advisers provide narrative disclosures of their business and operations. We find that 40% of these disclosures contain inconsistencies regarding advisers' regulatory histories, conflicts of interest (COIs), and risks. Inconsistencies are associated...

This paper examines whether portfolio disclosure requirements for actively managed investment funds affect the investment decisions of firms owned by the funds. We argue that mandatory portfolio disclosures reduce fund managers’ incentive to collect and trade on private information, which...

This paper examines whether portfolio disclosure requirements for actively managed investment funds affect the investment decisions of firms owned by those funds. We argue that mandatory portfolio disclosures reduce fund managers’ incentive to collect and trade on private information, which...

We find that voluntary ESG disclosure by asset managers enables clients to identify investors with higher ESG integration, thereby reducing the information asymmetry within the responsible investment landscape. Institutional investors disclose on their ESG practices as part of their voluntary...

This study tests whether disclosing a trader's identity dampens or stimulates subsequent trading volume based on the trader's reputation for being informed. While a reputation for being informed makes markets less liquid, thus inhibiting subsequent trade ("illiquidity effect"), the information...

We examine whether a firm's voluntary disclosures, proxied by management earnings forecasts, affect its innovation activity. A firm making more disclosures generates fewer patents and lower-quantity patents. Enactment of SOX is applied as a natural experiment for an exogenous shock to voluntary...

Voluntary disclosures convey information through two channels: 1) the direct revelation channel in which the disclosed body of information is used to update beliefs, and 2) the signaling channel in which inferences are drawn from the fact that the firm chose what information to disclose. I study...

This paper studies the general information disclosure model (Grossman, 1981; Milgrom, 1981) relaxing the assumption of monotonicity in preferences. I apply the belief-based approach, which is developed in Bayesian persuasion (Kamenica and Gentzkow, 2011) and applied to cheap talk (Lipnowski and...