We draw from the SEC's concept of investors leveraging an information mosaic to predict that investors use soft information collected during face-to-face investor meetings to understand better the information released at subsequent earnings announcements. Our analysis examines firms that issue...

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...

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...