Hal White's paper, Spillover Effects of Mandatory Portfolio Disclosures on Corporate Investment, was accepted by the Journal of Accounting & Economics.

The researchers find that investment sensitivity to stock price declines for firms with significant ownership held by actively managed funds that have to disclose their portfolio investments more frequently. The effect is concentrated among firms that are (i) owned by funds with larger expected proprietary costs and (ii) more likely to learn from the information in price. The results suggest that portfolio disclosure requirements for money managers have spillover effects on corporate investment by curtailing corporate managers’ opportunities to learn from their firms’ stock price.