Effective financial reporting requires efficient information processing. This paper studies factors that determine efficient information processing. I exploit a unique small business lending setting where I am able to observe the entire codified demographic and accounting information set that...

A growing literature has examined the benefits and costs of implementing new disclosure regulations. However, little is known about the consequences when regulators fail to take action. Using IFRS adoption in 2005 as the setting, we examine the costs of regulatory inactions among non-adopting...

Over the past two decades, the US stock market has undergone significant changes in its structure, with small firms disappearing and large firms gaining market share. This study investigates whether the dominance of large firms in the market creates positive spillover for or shifts resources...

Establishing a wind-photovoltaic (PV)-hydro hybrid system is a new method to utilize wind and PV power, but how multi-energy complementation affects the working modes of cascaded hydropower plants (CHP) has not been fully revealed. In this study, a wind-PV-CHP system was considered as an example...

A significant portion of information shared in earnings calls is conveyed through verbal communication by corporate managers. However, quantifying the extent of new information provided by managers poses challenges due to the unstructured nature of human language and the difficulty in gauging...

We study how the automation of information acquisition activities in the asset management industry impacts the role humans play in such activities. We find that machine-based automation of SEC filing downloads frees up the human workforce and allows humans to research a broader set of portfolio...