Growing AI readership (proxied for by machine downloads and ownership by AI-equipped
investors) motivates firms to prepare filings friendlier to machine processing and to mitigate …

This paper exploits hand-collected data on illegal insider trades to provide new evidence on
the ability of a host of standard measures of illiquidity to detect informed trading. Controlling …

The SEC requires public companies to disclose material information on Form 8-K within four
days of a triggering event. We show that on 8-K event and filing dates, there is significant …

From 2010 to 2015, a group of traders illegally accessed earnings information before their
public release by hacking several newswire services. We use this scheme as a natural …

We train a machine learning method on a class of informed trades to develop a new
measure of informed trading, informed trading intensity (ITI). ITI increases before earnings …

The market reaction speeds to the news flow are currently measured at the millisecond level
in developed markets. We investigate, using a unique setting from Turkey, whether the …

We focus on a typical market anomaly-inactive trading: trading volume shrinks while stock
price abnormally jumps. We calibrate a theoretical model with variance ambiguity …

Finally, wc exterid our analysis of market efficiency to a new domain. We point out that
market prices can be used even when shares of non-publicly traded target companies are …

Before their announcements are publicized on the regulatory agency's Public Disclosure
Platform (PDP) website, Turkish public firms privately upload their disclosures to the PDP …

Using a unique setting where stand-alone banks submit filings to bank regulators instead of
the US Securities and Exchange Commission (SEC), we examine the consequences of …