From public records to the private sector: the corporate effects of state FOIA reforms
12 May 2026
13:45 -15:00
Times are shown in local time
Open to: All
Room 107 (Keynes House)
Trumpington St
Cambridge
CB2 1QA
United Kingdom
Join our Finance seminar
Speaker: Dr Jesse Zexi Wang, Lancaster University
About the seminar topic
We study how transparency affects firms when economically relevant information is disclosed outside their control. We exploit expansions in state-level Freedom of Information Act (FOIA) laws, which increase third-party access to firm-related information from government-held records. Using a stacked difference-in-differences design, we find that affected firms experience declines in firm value, operating performance and abnormal returns, along with a higher cost of equity. These effects are accompanied by increased disclosures, greater product market competition and higher downside risk. The effects are stronger for firms with greater government exposure and information asymmetry, consistent with proprietary information leakage driving the results.
Speaker bio
Jesse Zexi Wang is an Associate Professor of Finance at Lancaster University. He received his PhD in Finance from the University of Zurich and the Swiss Finance Institute (SFI). His research interests cover corporate finance, corporate governance, executive compensation, as well as AI innovation and data regulation. His work has been accepted for publication in leading academic journals, including Journal of Finance, Journal of Financial Economics, Review of Finance, and Management Science.
Register
No registration required. If you have any questions about this seminar, please email Bet Brooke.