We investigate the timeliness of fair value updates. We use a sample of firms required to disclose quarterly fair values for individual investments that use unobservable inputs and find evidence consistent with delayed updating and, on average, asymmetric incorporation of upward revaluations...

This study examines how aggregation in financial reporting leads to information loss using a sample of firms that report individual financial assets. The level of information loss increases with the level of aggregation; however, combining assets with similar risk-factor exposures mitigates this...

This paper examines the role of financial frictions on the trading of emission allowances. Based on a wide international sample of firms and data from the European Union Emission Trading System (the most liquid and developed in the world) we document that firms with liquidity needs are...

We investigate whether investor attention is associated with the pricing (and mispricing) of earnings news where investor attention is measured using social media activity. We find that high levels of investor attention are associated with greater sensitivity of earnings announcement returns to...

We examine the association between disagreement and trading volume around news events using a novel measure of disagreement that overcomes two challenges Bamber et al. (2011) identify as facing earlier measures. Specifically, we measure disagreement based on heterogenous opinions about firm...