This paper examines whether common ownership – i.e., instances where investors simultaneously own significant stakes in competing firms – affects voluntary disclosure. We argue that common ownership (i) reduces proprietary cost concerns of disclosure, and (ii) incentivizes firms to...

Using a set of proprietary records, we examine who consumes quarterly earnings conference calls and under which circumstances the calls are consumed. While there is significant interest in calls by institutional investors and sell-side analysts, we find that investors who do not hold a position...

Using survey and experimental methods, we provide evidence on the materiality and the nature of information communicated in private meetings from the perspective of professional investors. While the existence of private meeting benefits for investors are well documented, the source of such...

The countervailing effect of MiFID II’s unbundling provision, which requires brokerages to separate research costs from trading execution costs, on the capital market has led to controversies about its efficacy and its potential rollback. In this paper, we examine the role of firms’...

Managers extensively interact with investors in private. While recent research finds that investors benefit from these offline interactions, little is known about what information is sought during these events. Using field data of over 1,200 questions asked during private meetings, we...