We exploit the U.S. shale oil revolution in the early 2010s as a plausibly exogenous shock to investment opportunities to explore managers’ disclosure incentives when faced with an uncertain investment decision. We find that affected firms in the oil and gas (O&G) industry increase capital...

The Internet Appendix provides examples of the CEO pay ratio disclosure and media coverage surrounding the CEO pay ratio disclosure, the description of entropy balancing program, the procedure for decomposing the pay ratio into predicted and unexpected components, summary statistics for...

Following a 2008 rule change by the U.S. Securities and Exchange Commission designed to simplify and expand smaller firms’ abilities to raise public equity, small firms increasingly issue public equity via confidentially-marketed public offerings (CMPOs). CMPOs pair confidential pre-offering...

We examine whether economic policy uncertainty (EPU) encourages managers to issue voluntary disclosures to facilitate learning from stock prices regarding investment decisions. We find that EPU is positively associated with subsequent capital expenditure (capex) forecast issuance. Consistent...

In many research settings, entropy balancing (Hainmueller 2012) is a convenient statistical method for reweighting a control sample to achieve covariate balance with a treatment sample of interest. Despite this, researchers raise several concerns and questions not specifically addressed by...

This study examines whether firm-level earnings announcements aggregated on a given trading day are a timely, incremental source of macroeconomic information relative to numerous competing sources of regularly-released macroeconomic information. Using an exponential GARCH model for both the...