The usefulness of financial disclosures is a source of considerable debate in the municipal setting, given their lack of timeliness. This paper empirically examines the extent to which municipal financial disclosures have information content. Using the entire universe of annual financial...

Currently, our economies predominantly function in a linear manner, characterized by the extraction, production, consumption, and disposal of resources. Embracing the paradigm shift towards a circular economy presents a tremendous opportunity, potentially worth trillions of dollars. Given this...

How informative is a firm's voluntary disclosure of its gender diversity? We focus on the FTSE 350 and exploit a 2017 UK regulation that mandates public disclosure of detailed gender pay gap ("GPG") data. Using a firm's GPG revealed post-mandate to proxy for the firm's true gender diversity, we...

Shareholder activism is now an important global phenomenon. We use a sample of nearly 7,000 activist shareholder campaigns across 56 countries to address two principal research questions related to the rise of activism. First, we develop a measure of corporate governance regulation that captures...