A substantive body of equity-market academic research documents an extensive range of costs arising from the SEC's October 2000 adoption of strictures on selective disclosure and insider trading; suggesting an unusual outcome, specifically, an increase in informed trading. We investigate the...

We investigate the effects of government oversight, such as the Federal Reserve, on trading based on material non-public information by examining the impact of regulatory supervision at the firm level. We categorize firms in financial services, pharmaceuticals, and utilities as supervised....

We investigate the relation between family ownership and the informational content of short sales in U.S. publicly-traded firms. Our analysis indicates that family firms, in aggregate, experience a substantially higher volume of abnormal short sales prior to negative earnings shocks than...

The extensive literature on financing innovation pinpoints numerous variables that influence patent activity. Yet, the simultaneous discovery of these covariates makes it difficult to interpret this body of research. We use machine learning techniques to assess the incremental explanatory power...