We study the economic determinants of the information externality suppliers experience at the time of their customers' quarterly earnings announcements (QEAs). We measure the information externality as suppliers' stock price reaction to their customers' QEAs. We expect information externalities...

Under GAAP, SEC and exchange-listing rules, managers must disclose material information. We construct a disclosure specification incorporating managers' obligation to disclose material information and voluntary disclosure incentives. We demonstrate that tests of the incentives to voluntarily...

There is limited empirical evidence on when and why individuals incur costs to acquire information about a firm that is not publicly available, which we refer to as private information acquisition. This lack of evidence is due in large part to the difficulty of observing private information...