We investigate the impact on firms of joining the S&P 500 index from 1997 to 2017. We find that the positive announcement effect on the stock price of index inclusion has disappeared and the long-run impact of index inclusion has become negative. Inclusion worsens stock price informativeness and...

The volume of firms’ SEC filings has increased considerably in the last two decades. We document significant implications of this increase for the corporate information environment. Using a 2004 SEC regulation on 8-K filings as a shock to SEC filing volume, we show that 8-K filing volume...

Using a global dataset, we document that market-level climate vulnerability is positively associated with stock price crash risk of individual firms. We establish causality by using an instrumental variable analysis and difference-in-differences analysis. Furthermore, we show that an increase in...

After staggered mandatory interactions between Chinese listed firms and individual investors, which only allow listed firms to explain existing information, exogenously enhance individual investors’ information processing, our difference-in-differences analysis shows that these firms...

A small literature has shown that individual wellbeing varies with the price of company stock, but it is unclear whether this is due to wealth effects among those holding stock, or more general effects on sentiment, with individuals taking rising stock prices as an indicator of improvements in...