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-  <sub>**4- Information Disclosures and Price Movements: A High-Frequency Identification Approach (with A. Calef and G. vecchio).**</sub>
+  <sub>**4- Information Disclosures and Price Movements: A High-Frequency Identification Approach (with A. Calef and G. vecchio).**[Draft <span style="color: blue;">available upon request</span>].</sub>
 
  <sub> **Abstract:** </sub>
  <sub> *We constructed a cross-sectional dataset comprising filings from 10,000 corporations in the United States, sourced from the Securities Exchange Commission historical archives, to examine how firms' information disclosures affect equity prices. Traditionally, the efficient market hypothesis posits that essential information is inherently reflected in asset prices. Our dataset includes each firm's risk assessment and descriptions of investments, including future strategic decisions. We align this textual data with high-frequency equity prices to assess market absorption of information. Specifically, we investigate price movements in a 30-minute window surrounding report releases. Our preliminary findings indicate that the market effectively predicts financial information related to new projects and strategic investments. However, managerial decisions often surprise the market, leading to a 2.14\% price decline when corporations announce layoffs or release deceptive information. Additionally, we observe that information becomes more influential in predicting price movements for companies with lower financial valuation. We interpret this finding as suggesting that higher-valued companies may exhibit greater managerial resilience to changes, thereby reducing market perceptions of risk associated with critical information.* </sub>