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The Dog that Did Not Bark: Limited Price Efficiency and Strategic Nondisclosure
16 references·10 citing·38 second hop
The Dog that Did Not Bark: Limited Price Efficiency and Strategic Nondisclosure (2020)The Dog that Did Not Bark: Limited Price …Accounting Information, Disclosure, and the Cost of Capital (2007)Accounting Information, Discl…Limited attention, information disclosure, and financial reporting (2003)Limited attention, informatio…A Unified Theory of Underreaction, Momentum Trading, and Overreaction in Asset Markets (1999)A Unified Theory of Underreac…Investor Psychology and Security Market Under‐ and Overreactions (1998)Investor Psychology and Secur…A model of investor sentiment1We are grateful to the NSF for financial support, and to Oliver Blanchard, Alon Brav, John Campbell (a referee), John Cochrane, Edward Glaeser, J.B. Heaton, Danny Kahneman, David Laibson, Owen Lamont, Drazen Prelec, Jay Ritter (a referee), Ken Singleton, Dick Thaler, an anonymous referee, and the editor, Bill Schwert, for comments.1 (1998)A model of investor sentiment…On Persistence in Mutual Fund Performance (1997)On Persistence in Mutual Fund…Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings? (1997)Do Stock Prices Fully Reflect…Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings? (1996)Do Stock Prices Fully Reflect…Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium? (1989)Post-Earnings-Announcement Dr…A Simple Model of Capital Market Equilibrium with Incomplete Information (1987)A Simple Model of Capital Mar…Disclosure of Nonproprietary Information (1985)Disclosure of Nonproprietary …Discretionary disclosure (1983)Discretionary disclosureThe Informational Role of Warranties and Private Disclosure about Product Quality (1981)The Informational Role of War…Good News and Bad News: Representation Theorems and Applications (1981)Good News and Bad News: Repre…RISK, UNCERTAINTY, AND DIVERGENCE OF OPINION (1977)RISK, UNCERTAINTY, AND DIVERG…An Empirical Evaluation of Accounting Income Numbers (1968)An Empirical Evaluation of Ac…Relative Performance Evaluation and Strategic Peer‐Harming Disclosures (2024)Relative Performance Evaluati…Disclosure and Investor Inattention: Theory and Evidence (2023)Disclosure and Investor Inatt…The effect of intermediary coverage on disclosure: Evidence from a randomized field experiment (2022)The effect of intermediary co…Asymmetric response to earnings news across different sentiment states: The role of cognitive dissonance (2022)Asymmetric response to earnin…The dynamics of concealment (2021)The dynamics of concealmentNo reliance on guidance: counter‐signaling in management forecasts (2021)No reliance on guidance: coun…Disagreement about fundamentals: measurement and consequences (2021)Disagreement about fundamenta…COVID-19 profit warnings: Delivering bad news in a time of crisis (2021)COVID-19 profit warnings: Del…Voluntary disclosure with evolving news (2020)Voluntary disclosure with evo…Disclosing to Informed Traders (2020)Disclosing to Informed TradersCOUNTERSPECULATION, AUCTIONS, AND COMPETITIVE SEALED TENDERS (1961)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Moral Hazard and Observability (1979)An Analysis of the Principal-Agent Problem (1983)Aggregation and Linearity in the Provision of Intertemporal Incentives (1987)The Theory of Incentives: The Principal-Agent Model (2001)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)Risk, Return, and Equilibrium: Empirical Tests (1973)The Framing of Decisions and the Psychology of Choice (1981)The Limits of Arbitrage (1995)Illiquidity and stock returns: cross-section and time-series effects (2002)The Cross‐Section of Volatility and Expected Returns (2006)The Pricing of Options and Corporate Liabilities (1973)Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors (2000)All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors (2007)Continuous Auctions and Insider Trading (1985)Does the Stock Market Overreact? (1985)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Boys will be Boys: Gender, Overconfidence, and Common Stock Investment (2001)Common risk factors in the returns on stocks and bonds (1993)Multifactor Explanations of Asset Pricing Anomalies (1996)A five-factor asset pricing model (2014)The Cross-Section of Expected Stock Returns (1992)Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.1 (1998)Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies (2000)Capital markets research in accounting (2001)Judgment under Uncertainty: Heuristics and Biases (1974)Integración de los mercados financieros Latinoamericanos por medio de MILA (2020)Job Market Signaling (1973)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis (2007)The financial reporting environment: Review of the recent literature (2010)The economic implications of corporate financial reporting (2005)The market pricing of accruals quality (2005)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Using daily stock returns (1985)Efficient Capital Markets: II (1991)
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References

  • 1997On Persistence in Mutual Fund Performance17,267 cited
  • 1968An Empirical Evaluation of Accounting Income Numbers6,384 cited
  • 1987A Simple Model of Capital Market Equilibrium with Incomplete Information5,808 cited
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  • 1983Discretionary disclosure3,477 cited
  • 1981Good News and Bad News: Representation Theorems and Applications3,198 cited
  • 1998A model of investor sentiment1We are grateful to the NSF for financial support, and to Oliver Blanchard, Alon Brav, John Campbell (a referee), John Cochrane, Edward Glaeser, J.B. Heaton, Danny Kahneman, David Laibson, Owen Lamont, Drazen Prelec, Jay Ritter (a referee), Ken Singleton, Dick Thaler, an anonymous referee, and the editor, Bill Schwert, for comments.12,865 cited
  • 1996Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings?2,636 cited
  • 2007Accounting Information, Disclosure, and the Cost of Capital2,582 cited
  • 1981The Informational Role of Warranties and Private Disclosure about Product Quality2,491 cited
  • 2003Limited attention, information disclosure, and financial reporting2,339 cited
  • 1989

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Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium?
2,314 cited
  • 1997Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?2,181 cited
  • 1985Disclosure of Nonproprietary Information1,923 cited
  • Cited by

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    • 2023Disclosure and Investor Inattention: Theory and Evidence36 cited
    • 2021The dynamics of concealment36 cited
    • 2021COVID-19 profit warnings: Delivering bad news in a time of crisis35 cited
    • 2021Disagreement about fundamentals: measurement and consequences29 cited
    • 2020Voluntary disclosure with evolving news28 cited
    • 2022The effect of intermediary coverage on disclosure: Evidence from a randomized field experiment28 cited
    • 2020Disclosing to Informed Traders28 cited
    • 2024Relative Performance Evaluation and Strategic Peer‐Harming Disclosures25 cited
    • 2021No reliance on guidance: counter‐signaling in management forecasts24 cited