The practice of periodically reconstituting equity indices suggests that changes to the
composition of an index can impact the performance of firms whose stocks are added to or …

We show that higher cash flow volatility is associated with lower average levels of
investment in capital expenditures, R&D, and advertising. This association suggests that …

We examine the relation between firm‐level transparency, stock market liquidity, and
valuation across countries, focusing on whether the relation varies with a firm's …

We investigate the empirical relation between corporate governance and stock market
liquidity. We find that firms with better corporate governance have narrower spreads, higher …

This study examines the relation between the bid-ask spread from the daily CRSP data and
the bid-ask spread from the intraday TAQ data. We show that the CRSP-based spread is …

This paper investigates the relation between analyst characteristics (number of analysts
following a firm and their forecast dispersion) and market liquidity characteristics (bid‐ask …

Economic Effects of Transparency in International Equity Markets: A Review and
Suggestions for Future Research Page 1 Economic Effects of Transparency in International …

Voluntary disclosure theory predicts that an optimal disclosure decision should produce an
overall net benefit for shareholders, and that such net benefit should decrease in public …

In this research, we investigate the informational role of financial analysts. Using a trade-
based empirical technique, we estimate the probability of information-based trading for a …

This paper investigates the relation between media coverage and offering yield spreads
using a comprehensive dataset of 5,338 industrial bonds issued from 1990 to 2011. We find …