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SUMMARY:Shaping Liquidity: On the Causal Effects of Voluntary Disclosure -
  Professor Alexander Ljungqvist\, Stern School of Business\, New York Univ
 ersity
DTSTART:20120522T130000Z
DTEND:20120522T143000Z
UID:TALK38290@talks.cam.ac.uk
CONTACT:Miss Camilla Burgess
DESCRIPTION:Can managers influence the liquidity of their shares? We use p
 lausibly exogenous variation in the supply of public information to show t
 hat firms seek to actively shape their information environments by volunta
 rily disclosing more information than is mandated by market regulations an
 d that such efforts have a sizeable and beneficial effect on liquidity. Fi
 rms respond to an exogenous loss of public information by providing more t
 imely and informative earnings guidance. Responses are greatest when firms
  lose local information producers and appear motivated by a desire to comm
 unicate with retail investors. Liquidity improves as a result of voluntary
  disclosure.
LOCATION:Lecture Theatre 1\, Judge Business School
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