Prior literature suggests changes in financial reporting improve investment decisions and forwards two non-exclusive mechanisms. First, financial reporting quality (FRQ) can lead to increased investment efficiency by lowering external information asymmetry. Second, changes in financial reporting...

Using audit-partner-level data on audit adjustments for public firms and audit-opinion data for private firms, we study whether and how public firm audit regulation impacts audit partners’ private firm auditing practices. We exploit a regulation in China that only applies to public firm...

We investigate how improvements in organizations’ internal communication technology affect their voluntary disclosure, a form of external communication. By developing a model with a headquarters manager and several divisional managers, we formalize two competing economic forces—information...

We study a previously under-explored channel through which firms can exert influence over foreign governments’ policy-making—investor-state dispute settlement—and provide descriptive evidence of firms’ economic incentives. Guided by a theory on firms’ regulatory challenges, we find...

In a series of federal court cases, judges have debated whether data breaches that expose consumer information satisfy Article III of the United States Constitution’s requirement that plaintiffs suffer an “injury in fact.” Judicial opinions find no constitutional standing in a narrow...