Disclosure of information triggers immediate price movements, but it mitigates price movements at a later date, when the information would otherwise have become public. Consequently, disclosure shifts risk from later cohorts of investors to earlier cohorts. Hence, disclosure policy can be...

Short sellers assist in impounding negative news more quickly into stock prices and improve price informativeness. However, there is a lack of consistent evidence about whether short sellers trade predominantly in anticipation of, or in response to, a public information release. To shed light on...

We test the asset pricing implications of collateralized borrowing using the Chinese structured A-B funds. The funds are special in that the prices for the same asset with and without leverage are simultaneously observed with the leverage exogenously determined and time-varying. We find that...