Mandatory data disclosure is an essential feature for credible empirical work but comes at a cost: First, authors might invest less in data generation if they are not the full residual claimants of their data after their first publication. Second, authors might "strategically delay" the time of...

I consider the role of firm transparency in shaping its capital structure. In a costly-state-verification model, the optimal capital structure can be implemented by a mixture of debt and outside equity. Consistent with empirical evidence, leverage decreases with both past and expected...

Pharmacy benefit managers (PBMs) save Americans billions of dollars each year by lowering the prices of prescription drugs and the costs of prescription drug coverage. However, as I explain in this Article, mandatory disclosure regulations recently enacted in several states and under the...

The study examines how the lack of comparable public peers (“informational uniqueness”) is related to a firm's disclosure policy and information environment. Having less information spillover from other public firms may present an information deficiency if it is not compensated by other...

We study optimal disclosure rules that alleviate inefficiencies caused by managerial private benefits. An entrepreneur raises capital from investors by designing a security and an associated covenant. The covenant allocates the control right of the project to the entrepreneur or investors in the...

Firms are facing progressively more stringent tax disclosure requirements. In this paper, we examine whether increased qualitative tax transparency leads to intended outcomes using, as an exogenous shock, the 2016 UK reform that mandated the disclosure of a tax strategy for arms above a certain...