We examine whether home country investor protection and ownership structure affect cross-listed firms' compliance with SOX-mandated internal control deficiency (ICD) disclosures. We develop a proxy for the likelihood of cross-listed firms' ICD misreporting during the Section 302 reporting...

We examine the consequences of a regulatory reform that reduces the timeliness of public enforcement of mandatory corporate disclosure in a developing financial market. Contrary to the intent of the regulatory reform, corporate disclosure timeliness is not increased while corporate disclosure...

There is a debate on whether company visits, an important channel of analysts’ information acquisition, should be regulated similar to management disclosure under Regulation Fair Disclosure. Exploiting a Shenzhen Stock Exchange regulation, this study examines the impact of forcing the timely...

We use a proprietary database of institutional investors' daily stock transactions to examine transient institutions' trading behavior in response to announcements of small negative earnings surprises (defined as quarterly earnings that fall short of analysts' consensus forecasts by one cent)....

We use Regulation Fair Disclosure (REG FD) to examine a relatively neglected but important effect of disclosure regulation: externalities. REG FD applies to all publicly traded U.S. firms, but foreign firms cross-listed on U.S. stock exchanges are explicitly exempt. Despite the exemption, we...

We examine the consequences of a management earnings forecast regulation implemented in a staggered manner. The regulation substantially increases the directly affected firms' frequency of management forecasts. Nevertheless, approximately 14% of the directly affected firms fail to comply with...