Using an international sample of 2,113 initial coin offerings (ICOs), we explore the role of disclosure and information intermediaries in the unregulated crypto-tokens market. First, we document substantial cross-sectional variation in the voluntary disclosure practices of ventures seeking to...

We explore the recent landscape of quantitative human capital (HC) disclosures for publicly listed U.S. firms. Using a hand-collected sample of disclosures for more than 2,000 firms from 2018-2022, we show that an amendment to Regulation S-K requiring firms to disclose information about human...

This study examines how managers change their forecasting behavior as a debt covenant violation (DCV) approaches. Consistent with a change, we find that management forecasts are more optimistic in the quarter before a DCV, and this result is stronger when firms face a higher risk of shifting...

We examine whether mandatory adoption of say-on-pay increases executives’ incentives to engage in insider trading to offset the regulatory-induced increase in compensation risk. Our empirical design exploits the staggered adoption of say-on-pay laws across fourteen countries over the 2000-2015...

We leverage the release of standardized Equal Employment Opportunity (EEO-1) reports for over 800 federal contractors to provide empirical evidence on public firms’ diversity practices. Using unique data for 2016-2020, we first document that public firms significantly lack diversity,...

We investigate a 2012 pay-or-explain regulation implemented by China's Shanghai Stock Exchange. The regulation mandates that eligible firms must either pay 30% of their current-year profits as cash dividends or explain the reasons for their nonpayment through a public conference call. Using...