We investigate the association between voluntary disclosure and the risk-related discount investors apply to price. First, we study the association between (endogenous) disclosure choice and the discount in price induced by changes in the underlying model parameters: this informs empirical...

We investigate the stock price and trading volume effects of differential capital gains taxes applied to short and long-term capital gains when firms disclose public information. We extend the theoretical framework developed in Shackelford and Verrechia (2002) linking differential CGT to price...

We investigate the impact of endogenous information acquisition on Easley and O'Hara's (2004) result that moving information from being publicly to privately available results in an increase in a firm's cost of capital. As in Christensen et al. (2010), when the cost of information acquisition is...