Regulators have long been concerned about the leakage of credit-relevant information in the U.S. municipal securities market. To assess how widespread information leakage is in this market, we examine trading before the announcement of credit rating …
Human capital is increasingly a key determinant of productivity, yet little is known about how firms manage it. Using proprietary survey data on Chief Human Resources Officer (CHRO) compensation for a broad sample of U.S. public firms, we examine …
Firms' diversity, equity, and inclusion (DEI) policies have received significant scrutiny in recent years, including their efficacy and role in long-term value creation. We provide new evidence on these issues by studying what is arguably the most …
We study the informational value of trading networks in over-the-counter (OTC) markets. Using detailed transaction-level data from the corporate bond market, we show that investors with larger dealer networks make superior trading decisions before …
This paper examines which municipal disclosures provide informational value to investors. Using the entire universe of post-issuance financial and event disclosures from 2009 to 2022, we find that most municipal bonds do not trade in the weeks …
We study how global changes in information acquisition costs through disclosure technologies affect price informativeness. To provide evidence on this issue, we examine worldwide adoptions of centralized electronic disclosure systems, which …
We provide large-sample evidence on whether U.S. publicly traded corporations use voluntary disclosures about their commitments to employee diversity opportunistically. We document significant discrepancies between companies' external stances on …
An important debate exists around the extent to which retail investors make sustainable investments and, if they do, why. We contribute to this debate by investigating the aggregate trading patterns of retail investors around a comprehensive sample …
We document significant increases in bond market liquidity around earnings announcements. These increases are attributed to decreased search and bargaining costs, which arise from the over-the-counter (OTC) nature of bond markets and outweigh …
The lack of diversity across gender and race of corporate boards has been one of the most significant issues in corporate board governance in recent years. Given the critical role that shareholders have in approving director appointments, we analyze …