In this paper we study the multiple restatement announcements and its perceived resultant information asymmetry around the announcement day. We examine the pattern of information asymmetry for multiple restatement announcements in terms of bid-ask spread around the announcement day. Study of...

Independent boards improve financial disclosure quality and reduce the opacity of information between insiders and outsiders, which lowers the incentives of informed traders that benefit from the information gap. We test this conjecture by estimating short sellers' predictions of the direction...

We investigate the dynamics of heterogeneous beliefs and link them to the volatility pattern throughout the seasoned equity offering (SEO) event window. In sync with a reduction in information asymmetry related to management information releases around the SEO event, belief heterogeneity...