Speaker: Prof. Bokhyeon Baik (SNU Business School, Seoul National University University)

Title: Geopolitical Risk and Corporate Disclosures: Evidence from the War in Ukraine

Date: Wednesday, May 20, 2026

Time: 4:30 PM - 5:50 PM

Venue: 90402 International Hall

Abstract

Using the Russo–Ukrainian war as our setting, we find that geopolitical threats increase investor information gathering and residual short interest. Most firms delay voluntary disclosure of their exposure until after the invasion begins, creating a temporal misalignment between investor information demand and firms’ disclosure supply. Firms with short-term investors or operating in high-litigation industries communicate primarily through current reports, while firms with longterm investors or operating in low-litigation industries convey information through conference calls. More transparent firms experience more negative abnormal returns and higher analysts’ forecast errors at the onset of the war, even after controlling for exposure, but incur fewer impairments as the war unfolds.