We study the informational value of trading networks in over-the-counter (OTC) markets. Using detailed transaction-level data from the corporate bond market, we show that investors with larger dealer trading networks make superior trading decisions …
The perceived informational value of financial disclosures is a source of considerable regulatory and academic debate in the municipal setting. In this paper, we examine the extent to which post-issuance municipal financial disclosures have …
We study how global changes in information acquisition costs affect price informativeness. To provide evidence on this issue, we examine worldwide adoptions of centralized electronic disclosure systems. Despite broadening the dissemination of …