The accounting literature has found evidence that acquirers in stock-for-stock M&A have typically managed earnings upwards ahead of a bid. Other literatures have concluded that, when stock prices are high and rising, M&A is higher, more M&A is financed with stock, market sentiment and...

We develop a general equilibrium model to investigate the adverse effects of liquidity risk on price discovery and to examine the interaction of (externally or internally imposed) solvency requirements for financial institutions with the accounting measurement for financial assets in markets...

This study investigates whether and how voluntary disclosure affects the earnings announcement premium (EAP). Using S&P500 index additions as an exogenous source of variation to voluntary disclosures, we test the effect of guidance on information risk and investor attention as drivers of the...

This paper examines whether and how U.S. analysts contribute to an improvement in the home market information environment of foreign firms cross-listed in the United States. Comparing return and trading volume reactions to U.S. analyst recommendation revisions to local analysts' for cross-listed...