dc.contributor.author | Hope, Ole-Kristian | |
dc.contributor.author | Liu, Junhao | |
dc.date.accessioned | 2023-09-07T10:59:04Z | |
dc.date.available | 2023-09-07T10:59:04Z | |
dc.date.created | 2022-05-19T13:23:40Z | |
dc.date.issued | 2022 | |
dc.identifier.citation | Review of accounting studies. 2022, . | en_US |
dc.identifier.issn | 1380-6653 | |
dc.identifier.uri | https://hdl.handle.net/11250/3087909 | |
dc.description.abstract | Employing the SEC Tick Size Pilot Program, which increases the minimum trading unit of a set of randomly selected small-capitalization stocks, we examine whether and how an exogenous change in stock liquidity affects corporate voluntary disclosure. Using difference-in-differences analyses with firm fixed effects, we find that treatment firms respond to the liquidity decline by issuing fewer management earnings forecasts, while, in contrast, control firms do not exhibit a significant change. Next we show that the effect is more pronounced when firms experience more severe liquidity decreases during the TSPP and rule out a set of alternative explanations. Further strengthening the identification, we find a consistent reversal effect after the end of the pilot program. To generalize our findings, we use voluntary 8-K filings and conference calls as alternative voluntary disclosure proxies and find similar effects. Overall, these findings show how an exogenous change in stock liquidity shapes the corporate information environment. | en_US |
dc.language.iso | eng | en_US |
dc.publisher | Springer | en_US |
dc.subject | Stock liquidity | en_US |
dc.subject | voluntary disclosure | en_US |
dc.subject | management guidance | en_US |
dc.subject | management earnings forecasts | en_US |
dc.subject | SEC Tick Size Pilot Program | en_US |
dc.title | Does stock liquidity shape voluntary disclosure? Evidence from the SEC tick size pilot program | en_US |
dc.title.alternative | Does stock liquidity shape voluntary disclosure? Evidence from the SEC tick size pilot program | en_US |
dc.type | Peer reviewed | en_US |
dc.type | Journal article | en_US |
dc.description.version | acceptedVersion | en_US |
dc.rights.holder | Springer | en_US |
dc.source.pagenumber | 38 | en_US |
dc.source.journal | Review of accounting studies | en_US |
dc.identifier.doi | 10.1007/s11142-022-09686-0 | |
dc.identifier.cristin | 2025631 | |
cristin.ispublished | true | |
cristin.fulltext | postprint | |
cristin.qualitycode | 2 | |