The DOI matches its Crossref record; 66 of the 66 references it cites were found in a registry or an index.
The effect of economic policy uncertainty on investor information asymmetry and management disclosures
Abstract
Abstract Investor uncertainty about firm value drives investors’ information collection and trading activities, as well as managers’ disclosure choices. This study examines an important source of uncertainty that likely cannot be influenced by most managers and investors: uncertainty about government economic policy. We find that this uncertainty is associated with increased bid-ask spreads and decreased stock price reactions to earnings surprises. Managers respond to this uncertainty by increasing their voluntary disclosures, but these disclosures only partly mitigate the bid-ask spread increase. We conclude that government economic policy uncertainty is an important component of firms’ information environments and managers’ voluntary disclosure decisions.
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Cites
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Measuring Economic Policy Uncertainty*
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Cited by
Disclosure processing costs, investors’ information choice, and equity market outcomes: A review
Blankespoor, E., deHaan, E., & Marinovic, I. (2020) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2020.101344 · Cited by 1,076
Dividends and economic policy uncertainty: International evidence
Attig, N., El Ghoul, S., Guedhami, O., & Zheng, X. (2021) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2020.101785 · Cited by 268
Beyond earnings quality: evaluating the quality of corporate disclosure practices
Dechow, P. M., Ge, W., Loh, W. T., & McVay, S. (2026) · Review of Accounting Studies · doi:10.1007/s11142-026-09971-2 · Cited by 1
Metadata
- Authors
- Nagar, V., Schoenfeld, J., & Wellman, L.
- Venue
- Journal of Accounting and Economics
- Publisher
- Elsevier BV
- Published
- 2019-02
- Volume
- 67
- Issue
- 1
- Pages
- 36-57
- ISSN
- 0165-4101 (ISSN-L)
- OpenAlex
- W2888153586
- Cited by
- 674
- References
- 66
- FWCI
- 105.21
- Type
- journal article
- Language
- en
- Open access
- closed
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- Nagar, V., Schoenfeld, J., & Wellman, L. (2019). The effect of economic policy uncertainty on investor information asymmetry and management disclosures. Journal of Accounting and Economics. https://doi.org/10.1016/j.jacceco.2018.08.011
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
