Anne Beyer and Kevin Smith. “Learning about Risk-Factor Exposures from Earnings: Implications for Asset Pricing and Manipulation.” Journal of Accounting and Economics 72.1 (2021). [paper]
Paul Fischer, Mirko Heinle, and Kevin Smith. “Constrained Listening, Audience Alignment, and Expert Communication,” RAND Journal of Economics 51.4 (2020): 1037-1062. [paper]
Kevin Smith. “Financial Markets with Trade on Risk and Return,” The Review of Financial Studies 32.10 (2019): 4042–4078. [paper][supplemental appendix]
Mirko Heinle and Kevin Smith. “A Theory of Risk Disclosure,” Review of Accounting Studies 22.4 (2018): 1459–1491. [paper]
Mirko Heinle, Kevin Smith, and Robert Verrecchia. “Risk-Factor Disclosure and Asset Prices.” The Accounting Review, 93.2 (2018): 191–208. [paper]
ACCT611: Disclosure and Financial Markets
The goal of this course is to provide graduate students with a working knowledge of the analytical literature that studies firms’ disclosure decisions and their impact on capital markets. The course also aims to teach students how to read and follow the basic derivations in this literature. We will focus on a subset of the disclosure literature that analyzes disclosure’s impact on prices and trade, disclosure’s relationship with investor welfare, discretionary disclosure, costly signal manipulation, and the real effects of disclosure. Throughout the course, we will first lay out the mathematical tools and core economic frameworks that appear throughout the models of disclosure. We will then examine how these frameworks can add depth to our understanding of disclosure decisions and their consequences.
Syllabus. Slides available upon request.