During the past decade, WeChat public accounts (WPAs) have gained increasing popularity as a novel tool for voluntary disclosure among Chinese public firms. This paper examines whether WPA disclosures provide value-relevant information to the market. Using a topic model to process over 1.6...

We propose option realized semivariances and signed jumps which can be seen as new "observable quantities'' to summarize the asymmetric information contained in the sign of high-frequency options returns. We show that these measures successfully capture the direction of the discontinuities...

The non-financial information in corporate annual reports is a crucial source for investors’ decision-making. We examine whether and how annual report readability affects opportunistic insider selling in the Chinese market. Our empirical findings show that lower readability of annual reports...

This paper provides empirical evidence of information contagion in equity analysts’ stock recommendations. The information contagion hypothesis predicts that agents consider idiosyncratic bad news on one asset as potential systematic news and update beliefs on other assets accordingly. We...

We extract implied price densities from wheat derivative prices during the first seven months of the Ukrainian war. Differences between short- and longterm densities indicate that market expectations about the duration of the conflict changed over time. Under simplifying assumptions, we...

Increasingly, firms are shifting their sales channels from local brick-and-mortar stores to online marketplaces. In this study, we investigate the motives behind this shift and whether online sales provide an informational advantage to investors over financial statements. First, we find that...

Operational risk is a substantial source of risk for US banks. Improving the performance of operational risk models allows banks’ management to make more informed risk decisions by better matching economic capital and risk appetite, and allows regulators to enhance their understanding of...

The purpose of this paper is to systematically review and synthesise top-level accounting literature on presentation format of accounting information to reveal patterns and causal relationships, which support the understanding of the role of presentation format within accounting information...