We examine how the sudden drop in public information search capability caused by Google’s withdrawal from China affects Chinese analysts’ earnings forecasts. We observe, after Google’s withdrawal, a decline in analysts’ forecast accuracy for firms with foreign trade relative to those...

Using the SEC’s 2016 Tick Size Pilot Program (TSPP) as a natural experiment, we investigate the effects of investors’ information acquisition on equity versus debt financing. We find a significant increase in firms’ preference for equity over debt issuance after the TSPP’s...

The 2016 Tick Size Pilot Program is an exogenous shock that incentivized fundamental investors to become more informed by acquiring fundamental firm information. Building on these studies, we examine the effect of the pilot program on earnings guidance. We find that the treatment firms...

We examine how options trading affects voluntary corporate disclosure to explore how managers strategically disclose in light of potential managerial learning from the options market. We find that options trading reduces the likelihood and frequency of management earnings forecasts, suggesting...

An emerging stream of research documents that experience of traumatic events early in a CEO's life influences the firm's investment and financing choices. We extend this research by examining the impact of CEO early-life natural disaster experience on stock price crash risk. Using a longitudinal...

We examine how options trading affects voluntary corporate disclosure, so that we can shed light on whether managers’ potential learning from the options market induces them to withhold disclosure. We find that options trading reduces the likelihood and frequency of management earnings...