We examine the relation between the gender diversity on boards of corporations and the
levels of information asymmetry in the stock market. Prior evidence suggests that the …

The literature suggests that real earnings management (REM) activities can increase
adverse selection risk in capital markets. Due to their opacity and the difficulties in …

This study identifies a factor that leads to a bias in estimating the probability of informed
trading (PIN), a widely-used microstructure measure. It is shown that, along with the …

Abstract The purpose of International Financial Reporting Standards (IFRS), adopted
mandatorily by European listed firms in 2005, is to increase the transparency and the …

This study analyses the relationship between the content of the audit reports and information
asymmetry levels in the stock market for a sample of S panish firms. By implementing an …

As an update of the well-known PIN measure, Easley et al.(2012a) have developed a new
measure of order flow toxicity called Volume-Synchronized Probability of Informed Trading …

We decompose PIN, the probability of informed trading, into good-news (PIN_G) and bad-
news (PIN_B) components, which we estimate at a quarterly frequency. We first assess the …

This paper provides a quantitative review of the literature on the repercussions of
idiosyncratic information on firms' cost of equity (CoE) capital. In total, I review the results of …

In this paper we investigate the effects of informed trading (PIN) and information uncertainty
in determining price momentum. We find that trading strategies based on buying high …

This paper analyzes how a stock's liquidity, turnover, volatility and returns are driven by short
term fluctuations in investor attention. Attention-grabbing stocks are identified by their daily …