This paper examines whether a firm's commitment to increase transparency affects firm value and liquidity by studying firms' voluntary decision to be listed in “special segments” created by Euronext. The empirical analysis finds positive valuation effects for firms that opted into the...

This paper examines how speculative futures trading affects commodity markets in terms of price impacts, volatility, and market quality. Contrary to the popular belief that speculators are responsible for the recent commodity price fluctuation, my analysis finds no evidence that speculators...

This paper examines whether firms' commitment to increase transparency affects liquidity by studying firms' voluntary decision to be listed in “special segments” created by Euronext. My results show that transparency affects firm's stock market liquidity, strengthening their positive...

Moskowitz, Ooi, and Pedersen (2012) show that time series momentum delivers a large and significant alpha for a diversified portfolio of international futures contracts. We find that their results are largely driven by volatility-scaling returns (or the so-called risk parity approach to asset...

We explore how managers adjust voluntary disclosure in response to local policy uncertainty generated by gubernatorial elections. We show that the securities of firms headquartered in election states experience transitory deterioration in firm-level measures of uncertainty and information...