Prior research finds that commercial borrowers provide lenders with private information. This research generally does not identify how lenders obtain such information or the types of information obtained, however, limiting the directness and interpretability of tests of lenders' use of the...

This study examines firm disclosure, investor reaction, and directors' insider trading around regular board meetings. Using a novel dataset of U.S. companies' regular board meeting schedules specified in corporate by-laws, I find the following. First, firms are three times more likely to...

We examine the relative timeliness with which asset write-downs incorporate adverse macroeconomic outcomes versus adverse firm-specific outcomes. We posit that, compared to adverse macroeconomic outcomes, adverse firm-specific outcomes exhibit high information asymmetry between firm managers and...