Working Paper
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...
Read moreDisclosure 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...
Read moreDifferent 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...
Read moreThe 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...
Read moreThe 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...
Read moreTorpedo 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...
Read moreStrategic 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...
Read moreThe 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...
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