This study examines whether one firm's choice of reporting frequency generates negative externalities for other firms. We find that firms lose investor attention when more of their peers report quarterly instead of semi-annually, and such loss of attention is associated with a decrease in market...

Prior to investing in a firm, fund managers must evaluate it. This tilts funds’ future portfolio positions toward former portfolio investments, as the past awareness of the firm decreases the cost of evaluating it in the future. We find that firms with many former investors experience...