Does fake news in financial markets attract more investor attention and have a significant impact on stock prices? We use the SEC crackdown of stock promotion schemes in April 2017 to examine investor attention and the stock price reaction to fake news articles. Using data from Seeking Alpha, we...

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...

In a single market, liquidity supply has two dimensions--price measured by the quoted spread, and quantity measured by the quoted depth. A third liquidity dimension, market breath, should be added when multiple markets quote the same security and there are enforceable regulatory penalties for a...