This study examines how investors respond to firm disclosure practices that deviate from the majority of industry peers (i.e., industry norms). The SEC has made repeated calls for the disclosure of foreign cash in order for investors to have more information in determining firms' liquidity...

We use a regulatory shock to examine the extent to which the prospect of short selling affects tax disclosure. From May 2005 to August 2007, the SEC initiated a pilot program under Regulation SHO, which temporarily exempted one-third of the firms in the Russell 3000 index from short sale price...