We explore whether silent information (electronic information flows) affects future price, spread and quoted depth levels in the Nasdaq Stock Market. Controlling for the time-series properties of silent information, past price, volume, electronic communications network (ECN) volume, time-of-day...

We extend the evidence on whether investors impound efficiently into stock prices new disclosures about corporate Ramp;D programs. We find firms that disclose the discontinuation of some of their Ramp;D programs experience a significant negative announcement-period stock price response which is...