This study examines the unintended effects of a pre-Reg FD practice that gave a broad group of sophisticated market participants 15-minute earlier access to all corporate press releases than the general public. We find that this priority dissemination practice contributed to 22 percent of the...

This study examines the interdependence between institutional ownership and the speed with which Standard & Poor’s disseminates corporate accounting information. From the demand-side perspective, we find that quasi-indexers, who rely on corporate accounting information as a low-cost monitoring...