SeminarCARF Seminar

Wed, Jun 28, 2023

50th CARF Seminer:Enforcement and the legal cost of voluntary disclosure

※ This event is open only to University of Tokyo students, faculty and staff.


Enforcement and the legal cost of voluntary disclosure


We examine the effect of enhanced regulatory enforcement on firm voluntary disclosure decisions. We use China’s anti-corruption campaign to identify firms subject to enhanced regulatory enforcement and scrutiny. The results show that firms more affected by the campaign exhibit a sharp and large decrease in their voluntary disclosures of major customer identities following the campaign. The results are stronger for firms which are politically connected and for firms in provinces where corruption was more pervasive prior to the reform. The results highlight an important role of heightened enforcement and scrutiny in shaping firms’ disclosure decisions, and that increased scrutiny can lead to less transparency by firms.


Cyrus Aghamolla and Haibing Shu


Date and Time

Wednesday, June 28,2023 15:00-17:00


Seminar Room 2, 1F of Economics Research Annex (Kojima Hall)


Cyrus Aghamolla
(Associate Professor (with tenure), University of Minnesota, Carlson School of Management)


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Strategic timing of IPOs and disclosure: A dynamic model of multiple firms (with Ilan Guttman). 2021. The Accounting Review, 97 (3), 27-57.

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Information arrival, delay, and clustering in financial markets with dynamic freeriding (with Tadashi Hashimoto). 2020. Journal of Financial Economics, 138 (1), 27-52.

Debt contract enforcement and conservatism: Evidence from a natural experiment (with Nan Li). 2018. Journal of Accounting Research, 56 (5), 1383-1416.