Shaping Liquidity: On the Causal Effects of Voluntary Disclosure
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Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in the supply of public information to show that firms seek to actively shape their information environments by voluntarily disclosing more information than is mandated by market regulations and that
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美国国家经济研究局创建时间：
2013-04-01
