We examine how changes in the information environment can affect real investment decisions. Using the events surrounding mandatory adoption of IFRS as exogenous shocks in information asymmetry, we find a significant increase in firms’ investment-to-price sensitivity following IFRS adoption...

We examine how the reduction in information asymmetry brought about by the adoption of International Financial Reporting Standards (IFRS) affects the adverse selection costs of issuing equity at home and abroad. In particular, we examine whether there has been a reduction in the costs of raising...

Using a sample of 469 banks from 39 countries between 2008 and 2017 and a generalized difference-in-differences methodology, we show that board gender quota laws lead to increased female board representation. We find an increase in risk taking and systemic risk and worse long-run operating...