... blockholder dynamic trading periodic reporting price impact public information public offering welfare THE ACCOUNTING REVIEW Vol. XX, No. XX MONTH YEAR pp. 1 32 American Accounting Association DOI: 10.2308/TAR-2022-0159 Disclosure and Dynamic Risk Sharing with a Large Shareholder Davide Cianciaruso...

...Guochang Zhang ABSTRACT In an extended capital asset pricing model (CAPM) setting, I examine how the quality of accounting standards affects real investment and welfare through its impact on investment hurdle rates. In this model, cash flow uncertainty arises from two fundamental sources...