... introduces noise into the report and reduces its usefulness for the capital market. We consider price informativeness and expected reporting bias as measures of capital market efficiency and develop novel empirical predictions. We show that higher uncertainty about the manager’s contribution to firm value...

...Greg Clinch; Wei Li ABSTRACT Short sellers assist in impounding negative news more quickly into stock prices and improve price informativeness. However, there is a lack of consistent evidence about whether short sellers trade predominantly in anticipation of, or in response to, a public...

... on the level of FIA activities prior to an earnings news release. Finally, we close the loop by examining the impact of a tick size increase on the magnitude of the post-earnings announcement drift (PEAD). earnings announcements price informativeness information acquisition price discovery...