In 2008, the SEC published guidance allowing firms to use corporate websites as an alternative disclosure channel to EDGAR. While the information content and market reaction to traditional disclosure channels such as EDGAR filings and press releases are well-documented, evidence on corporate...

Investors rely on corporate disclosure to make informed decisions about the value of companies they invest in. The COVID-19 pandemic provides a unique opportunity to examine disclosure practices of companies relative to peers in real time about a somewhat unprecedented shock that impacted...

The SEC adopted Rule 10b5-1 to provide an affirmative defense against allegations of insider trading to executives whose jobs regularly expose them to material nonpublic information. In this Closer Look, we present evidence on the trading behavior of corporate executives using a unique dataset...

Using plausibly exogenous variation in the ability to short-sell, we provide evidence that public information is predominantly impounded into prices via trade. Studying the role of trade in the context of publicly-observed cash flow news, we find that only 6% of total price discovery is realized...

While executives at U.S. public companies must disclose trades in their company’s stock within two business days, the Securities and Exchange Commission (SEC) has exempted insiders at foreign firms listed on U.S. exchanges from those requirements. Instead, insiders at foreign-domiciled but...

While corporate insiders at US-listed, US-domiciled companies must disclose their stock sales electronically within two business days on Form 4, the SEC has exempted insiders at US-listed, foreign-domiciled companies from this requirement (e.g., Astra Zeneca, Alibaba). Instead, these “foreign...