This paper shows that in asset pricing the information environment gives rise to a systematic risk factor when the informativeness of future news events varies with their content (i.e., bad news and good news are not equally informative). The paper further shows that in such cases (cross) serial...

This paper examines whether firms foresee the proprietary cost of their mandatory public disclosure by utilizing the supply-and-demand model in a private firm setting where proprietary cost is the primary driver for mandatory public disclosure and its subsequent paid demand. Private firms in the...

This article analyzes the disclosure of the liability insurance coverage limit and the impact of mandating disclosure of the coverage limit in a setting where voluntary disclosure of a firm's cash flow information is subject to litigation risk and the firm has directors' and officers' (D\&O)...