Mark H. Lang

TL;DR: This paper discuss three challenges to the literature: lack of strong theoretical predictions, difficulty in measuring relevant aspects of industry concentration and difficulty in identifying disclosures that are likely to carry significant proprietary costs.

TL;DR: In this article, the authors examine the relation between a firm's stock return and the earnings of other firms in the same industry, controlling for the firm's own earnings, and demonstrate empirically that the sign of the relation depends on information provided prior to the industry earnings announcement period.

TL;DR: In this article, the authors investigate the relation between ownership structure, analyst following, investor protection and valuation and find that analysts are less likely to follow firms with potential incentives to withhold or manipulate information, such as when the Family/Management group is the largest control rights blockholder.

TL;DR: The authors examined the relation between earnings smoothing, governance and liquidity for a sample of non-U.S. firms and found that firms with higher levels of discretionary smoothing experience lower liquidity as evidenced by greater frequency of zero returns days, lower trading volume and higher bid-ask spreads.

TL;DR: In this article, the authors describe the exercise behavior of over 50,000 employees who hold long-term options on employer stock at eight corporations and find that exercise is strongly associated with recent stock price movements, the market-to-strike ratio, proximity to vesting dates, time to maturity, and volatility.