Exploiting the staggered expansion of China’s high-speed rail (HSR) network, we study the relationship between HSR connection and firms’ financial asset holdings. the difference-in-difference estimation shows that firms connected to HSR network experience a drop in the financial asset...

We investigate how internal information asymmetry affects subordinate managers’ engagement in answering investor questions at interactive disclosure venues. We find that subordinates’ engagement is greater when internal information asymmetry is higher. Additionally, we find that the relation...