While Regulation FD was designed to benefit investors by curbing the selective disclosure of material non-public information to “covered” investors, such as analysts and institutional investors, it can also impose costs. This paper finds that FD levies three kinds of enforcement and...

This paper analyzes the impact of FD enforcement by calculating (1) the aggregate market gain to covered investors from access to selective information during the FD violation period and (2) the market response to the SEC enforcement announcement, at which time public investors first learn of an...

We study the effect of a mandatory improvement in public disclosure due to the adoption of International Financial Reporting Standards (IFRS) on the stock return predictability of shorting activity. To assess the impact of the disclosure shock, we measure monthly changes in the demand for and...