Reporting

Corporate Governance and the Returns on Investment

Changing Patterns of Corporate Disclosure in Continental Europe: The Example of Germany

This article presents a structural overview of corporate disclosure in Germany against the background of a rapidly evolving European market. It fi rst...

Disclosure of Inside Information

The disclosure of inside information is a core component of EU capital market regulation. It underpins the market abuse regime, providing information...

Different Approaches to Corporate Reporting Regulation: How Jurisdictions Differ and Why

This paper discusses differences in countries’ approaches to reporting regulation and explores the reasons why they exist in the first place as well...

The Effects of Mandatory ESG Disclosure around the World

We compile a novel dataset on mandatory environmental, social, and governance (ESG) disclosure around the world to analyze the stock liquidity effects...

Civil Liability and Mandatory Disclosure

The Dark Side of Industry Tournament Incentives

We find that firms whose CEOs face stronger industry tournament incentives, measured by their pay gap relative to the highest industry CEO pay, engage in...

Corporate Disclosure in a Competitive Environment - The ECJ's Axel Springer Case and the Quest for a European Framework for Mandatory Disclosure

Securities Laws, Disclosure, and National Capital Markets in the Age of Financial Globalization

Torpedo Your Competition: Strategic Reporting and Peer Firm IPO

A firm’s initial public offering (IPO) generates negative externalities for industry competitors. To mitigate this threat, incumbent firms manage...

Strategic News Releases in Equity Vesting Months

We find that CEOs release 20% more discretionary news items in months in which they are expected to sell equity, predicted using scheduled vesting...

The Teva Case: A Tale of a Race to the Bottom in Global Securities Regulation

This article tells how a shareholder class action against Teva Pharmaceutical Industries, the largest generic drug maker in the world, ended the...