Analysts' functions are divided into discovery and interpretation roles, but separating between the two is non-trivial. We conjecture that analysts' interpretation skill can be gauged by their forecast revisions following material unanticipated news — in particular following non-earnings 8-K...

Cyber-risks have generated considerable interest in the media and in the public. Perhaps as a response, regulators are devoting an increasing amount of resources to improving corporate disclosure related to these risks. In contrast, we find that, despite this increased focus, cyber risk...

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...