One key challenge of regulatory oversight is information asymmetry between the regulator and the regulated. We investigate this issue through a unique setting in which the SEC uses firms’ voluntary disclosures to bridge the information gap during their periodic reviews of mandatory...

SEC comment letters indicate that the SEC has reviewed the firm's filings and identified a disclosure issue. Using the existence of an SEC comment letter as a proxy for SEC monitoring, we document a negative association between the level of SEC monitoring of foreign firms and the strength of...

The purpose of this paper is to investigate the effect of the information disclosure quantity on the pricing efficiency of stocks. Using a sample of large and actively traded Canadian companies listed on the Toronto Stock Exchange, the authors utilize annual reports filed on system for...