We investigate the frictions that impede individual investors' use of accounting information
and, in particular, their costs of monitoring and acquiring accounting disclosures. We do so …

Purpose Risks resulted from asymmetric information have become crucial barriers for
commercial banks to implement supply chain finance (SCF)–mainly the inventory pledge …

We study how sophisticated investors, when faced with shocks to information environment,
change their information acquisition and trading behavior, and how these changes in turn …

We investigate the presence of information asymmetry costs in the Chinese stock market
based on three order-related proxies. We find that order imbalance volatility has stronger …

We examine how the media influences retail trade and market returns during the “quiet
period” that follows a firm's IPO. We find that more media coverage during this period is …

Using over 5,000 trades unequivocally based on nonpublic information about firm
fundamentals, we find that asymmetric information proxies display abnormal values on days …

In this paper, we study voluntary political spending disclosure, a widespread yet relatively
unexplored corporate voluntary disclosure practice. Using an index created by the CPA …

We propose a new measure of private information in decentralized markets—connections—
which exploits the time variation in the number of dealers with whom a client trades in a time …

We show that the cost of trading on negative news, relative to positive news, increases
before earnings announcements. Our evidence suggests that this asymmetry is due to …

We develop a measure of how information events impact investors' expectations of risk. The
measure is broadly applicable and simple to implement. We derive it from an option‐pricing …