In this study, we examine the impact of a market-wide mandatory disclosure policy on short selling on the Tokyo Stock Exchange. We find that average short selling slightly declined while investors' shorting strategies changed significantly in response to the disclosure. Previously highly shorted...

Our study introduces analyst/investor days, a new disclosure medium that allows for private interactions with influential market participants. We also highlight interdependencies in the choice and information content of analyst/investor days and conference presentations, a well-researched...

We investigate how internal information asymmetry affects subordinate managers’ engagement in answering investor questions at interactive disclosure venues. We find that subordinates’ engagement is greater when internal information asymmetry is higher. Additionally, we find that the relation...

This study investigates (a) why some IPO firms proactively disclose internal control weaknesses (ICWs) and remediation progress in their prospectuses before going public, despite being exempt from the requirements of Sections 302 and 404 of the Sarbanes-Oxley Act at the time of IPO, and (b) the...

We show that banks with high environmental, social, and governance (ESG) ratings issue fewer mortgages in poor neighborhoods—in quantity and dollar amount—than banks with low ESG ratings. This lending disparity is observed at both the county and census tract level and worsens in disaster...