• Publications
  • Influence
Constraints on short-selling and asset price adjustment to private information
This paper models effects of short-sale constraints on the speed of adjustment (to private information) of security prices. Constraints eliminate some informative trades, but do not bias pricesExpand
  • 1,554
  • 169
  • PDF
The Economic Consequences of Increased Disclosure
Economic theory suggests that a commitment by a firm to increased levels of disclosure should lower the information asymmetry component of the firm's cost of capital. But while the theory isExpand
  • 2,555
  • 166
  • PDF
Disclosure, Liquidity, and the Cost of Capital
This paper shows that revealing public information to reduce information asymmetry can reduce a firm's cost of capital by attracting increased demand from large investors due to increased liquidityExpand
  • 2,751
  • 133
  • PDF
Market liquidity and volume around earnings announcements
Abstract This paper suggests that earnings announcements provide information that allows certain traders to make judgements about a firm's performance that are superior to the judgements of otherExpand
  • 1,487
  • 98
  • PDF
Accounting Information, Disclosure, and the Cost of Capital
In this paper we examine whether and how accounting information about a firm manifests in its cost of capital, despite the forces of diversification. We build a model that is consistent with theExpand
  • 1,315
  • 73
Trading Volume And Price Reactions To Public Announcements
The purpose of this study is to investigate theoretically how the price and volume reactions to a public announcement are related to each other, to the announcement's characteristics, and to theExpand
  • 952
  • 62
  • PDF
PORTFOLIO CONSIDERATIONS IN VALUING EXECUTIVE-COMPENSATION
This paper analyzes the valuation of a compensation contract from a manager's perspective. This perspective is appropriate, for example, in research on the incentive effects of a compensation plan,Expand
  • 802
  • 50
Information aggregation in a noisy rational expectations economy
Abstract This paper analyzes a general equilibrium model of a competitive security market in which traders possess independent pieces of information about the return of a risky asset. Each traderExpand
  • 703
  • 44
  • PDF
Pre-announcement and event-period private information
Abstract Pre-announcement information is private information gathered in anticipation of a public disclosure. Event-period information is private information useful in conjunction with theExpand
  • 453
  • 41