Financial information disclosed by firms can lead to capital markets reactions. Discuss several types of voluntary information that has been shown to affect capital markets reactions, explaining:

a) what types of information you find more relevant;

b) how it has been shown to affect capital markets (both in terms of models used and the positive/negative impact expected); and

c) what other aspects/variables one needs to take into consideration (i.e., to control for) when measuring the impact of disclosure