In 2018, California became the first U.S. state to introduce a mandatory board gender quota for all firms headquartered in the state. Even though the constitutionality of the law is still debated, we document large negative announcement returns of -2.6% to the adoption of the gender quota for...

We use a dataset from a large retail bank to examine the impact of financial advice on investors' stock trading performance and behavioral biases. Our data allow us to classify each individual trade as either advised or independent and to compare them in a trade-by-trade within-person analysis....

An important component of the Basel Committee on Banking Supervision's framework of capital measurement and capital standards is the public disclosure of regulatory information (referred to as “Pillar 3” within the framework). The standard sets minimum requirements for the public disclosure...

Theory suggests that increasing the public availability of regulatory information may hurt the information environment of bank stocks. It is therefore not clear whether the Basel Accord's intent to foster market discipline by requiring banks to publish information on their risk management...

This paper investigates the impact of mandatory risk disclosure on the design of foreign bank debt. The Basel II and III Accords require the public disclosure of bank regulatory information under the Pillar 3 or market discipline framework. The new information details bank risk exposures and...

In this paper we examine the role of Basel Pillar 3 risk reporting in improving market transparency. Pillar 3 reporting requirements vary widely across countries; most banks in Europe release Pillar 3 risk reports annually after their annual reports are published and information contained in...