We investigate whether investor attention is associated with the pricing (and mispricing) of earnings news where investor attention is measured using social media activity. We find that high levels of investor attention are associated with greater sensitivity of earnings announcement returns to...

We examine the association between disagreement and trading volume around news events using a novel measure of disagreement that overcomes two challenges Bamber et al. (2011) identify as facing earlier measures. Specifically, we measure disagreement based on heterogenous opinions about firm...

Using a sample of illiquid assets we provide evidence of the delay of updating fair values of individual assets reported in financial statements (delayed updating). Although we find that some delayed updating is due to a lack of information, we find more evidence consistent with intentional...