This paper reviews the literature examining how costs of monitoring for, acquiring, and
analyzing firm disclosures–collectively,“disclosure processing costs”–affect investor …

This paper reviews and proposes additional research concerning the role of publicly
reported financial accounting information in the governance processes of corporations. We …

Recent research has documented large differences among countries in ownership
concentration in publicly traded firms, in the breadth and depth of capital markets, in …

This paper reviews, appraises, and critiques theoretical and empirical research on the
connections between the operation of the financial system and economic growth. While …

China is an important counterexample to the findings in the law, institutions, finance, and
growth literature: Neither its legal nor financial system is well developed, yet it has one of the …

The efficient markets hypothesis has been the central proposition in finance for nearly thirty
years. It states that securities prices in financial markets must equal fundamental values …

We estimate private benefits of control in 39 countries using 393 controlling blocks sales. On
average the value of control is 14 percent, but in some countries can be as low as− 4 …

Morck, Yeung and Yu show that R2 is higher in countries with less developed financial
systems and poorer corporate governance. We show how control rights and information …

We investigate the relation between the transparency of financial statements and the
distribution of stock returns. Using earnings management as a measure of opacity, we find …

We examine the relationship between disclosure of nonfinancial information and analyst
forecast accuracy using firm-level data from 31 countries. We use the issuance of stand …