Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in the supply of public information to show that firms actively shape their information environments by voluntarily disclosing more information than regulations mandate and that such efforts improve liquidity. Firms respond to an exogenous loss of public information by providing more timely and informative earnings guidance. Responses appear motivated by a desire to reduce information asymmetries between retail and institutional investors. Liquidity improves as a result and in turn increases firm value. This suggests that managers can causally influence their cost of capital via voluntary disclosure
Can managers influence the liquidity of their shares? We use plausibly exogenous variation in the su...
Can managers influence the liquidity of their shares? We use plausibly exogenous variation in the su...
We find that firms with higher quality disclosures have lower effective bid-ask spreads and lower ad...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their shares? We use plausibly exogenous variation in the su...
Can managers influence the liquidity of their shares? We use plausibly exogenous variation in the su...
Can managers influence the liquidity of their shares? We use plausibly exogenous variation in the su...
We find that firms with higher quality disclosures have lower effective bid-ask spreads and lower ad...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in...
Can managers influence the liquidity of their shares? We use plausibly exogenous variation in the su...
Can managers influence the liquidity of their shares? We use plausibly exogenous variation in the su...
Can managers influence the liquidity of their shares? We use plausibly exogenous variation in the su...
We find that firms with higher quality disclosures have lower effective bid-ask spreads and lower ad...