This study investigates whether stock liquidity enhances or impedes firms’ digital transformation. It is of interest to various stakeholders since digitizing is crucial to a firm’s competitiveness and performance. The results indicate that stock liquidity negatively affects firms’ digital...

Companies that use their own stock to finance acquisitions have incentives to increase their market values prior to the acquisition. This study examines whether such companies mislead investors by issuing overly optimistic forecasts of future earnings (“deception by commission”) or by...