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An Empirical Examination Of The Commitment To Increased Disclosure
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Book Synopsis An Empirical Examination of the Commitment to Increased Disclosure by : Mark E. Evans
Download or read book An Empirical Examination of the Commitment to Increased Disclosure written by Mark E. Evans and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: I examine the relation between a corporate commitment to increased disclosure and measures of liquidity, information asymmetry, and cost of equity capital. Relative to prior research on voluntary disclosure, I use a composite, ex ante measure of commitment based in social psychology and measure commitment using characteristics of earnings announcement disclosures. Prior to Regulation Fair Disclosure (Reg FD) I find that commitment to increased disclosure is negatively related to bid-ask spreads, probability of informed trade (PIN) scores, and implied cost of capital estimates. Further analysis reveals that the disclosure of balance sheet information in earnings releases is significantly related to spreads and PINs, regardless of firms' conference call behavior, while the combination of consistent open calls and disclosure of balance sheet information in earnings releases yields the most significant results for cost of capital. After the effective date of Reg FD I find that commitment is negatively related to PIN scores and implied cost of capital estimates, but not related to bid-ask spreads. Further analysis reveals that the disclosure of balance sheet information in earnings releases is significantly related to PINs and cost of capital, regardless of firms' conference call behavior.
Book Synopsis An Empirical Examination of the Commitment to Increased Disclosure by :
Download or read book An Empirical Examination of the Commitment to Increased Disclosure written by and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: I examine the relation between a corporate commitment to increased disclosure and measures of liquidity, information asymmetry, and cost of equity capital. Relative to prior research on voluntary disclosure, I use a composite, ex ante measure of commitment based in social psychology and measure commitment using characteristics of earnings announcement disclosures. Prior to Regulation Fair Disclosure (Reg FD) I find that commitment to increased disclosure is negatively related to bid-ask spreads, probability of informed trade (PIN) scores, and implied cost of capital estimates. Further analysis reveals that the disclosure of balance sheet information in earnings releases is significantly related to spreads and PINs, regardless of firms' conference call behavior, while the combination of consistent open calls and disclosure of balance sheet information in earnings releases yields the most significant results for cost of capital. After the effective date of Reg FD I find that commitment is negatively related to PIN scores and implied cost of capital estimates, but not related to bid-ask spreads. Further analysis reveals that the disclosure of balance sheet information in earnings releases is significantly related to PINs and cost of capital, regardless of firms' conference call behavior.
Book Synopsis An Empirical Examination of the Commitment to Increased Disclosure by : Mark Everett Evans
Download or read book An Empirical Examination of the Commitment to Increased Disclosure written by Mark Everett Evans and published by . This book was released on 2000 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Relationship Between Corporate Disclosure and Risk by : Henry Perrin Garsombke
Download or read book The Relationship Between Corporate Disclosure and Risk written by Henry Perrin Garsombke and published by . This book was released on 1976 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Empirical Examination of Disclosure Horizon: Evidence from the Term Structure of Implied Equity Volatilities by : Jonathan A. Milian
Download or read book An Empirical Examination of Disclosure Horizon: Evidence from the Term Structure of Implied Equity Volatilities written by Jonathan A. Milian and published by . This book was released on 2011 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: I develop and test a measure of the horizon of managers' corporate disclosures. This measure exploits information in the term structure of implied equity volatilities to gauge the relative extent to which the information underlying securities prices reflects long-term versus short-term uncertainty. The measure allows me to characterize managers' disclosures in terms of whether they provide information about long-term business strategies or are more oriented towards short-term operating results. In the cross-section, I find that the horizon measure is associated with variables that are likely to capture the extent to which firms' business models result in differing degrees of uncertainty about the long-term versus the short-term. For example, I find that firms with relatively greater long-term uncertainty have greater R & D intensity and more growth opportunities, consistent with them engaging in projects that are longer-term in nature. I then examine changes in the term structure of implied equity volatilities around earnings announcements to assess firms' disclosure horizons. I find that earnings announcements containing management forecasts have shorter disclosure horizons than earnings announcements not containing management forecasts. The relatively short-term nature of the information in bundled earnings announcements is consistent with the view that issuing earnings guidance is associated with a short-term focus by managers. The measure potentially expands researchers' ability to evaluate the nature of various types of corporate disclosures.
Book Synopsis An Empirical Examination of the Relationship Between Environmental Disclosures and Financial Performance by : Barry Fox
Download or read book An Empirical Examination of the Relationship Between Environmental Disclosures and Financial Performance written by Barry Fox and published by . This book was released on 2007 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Empirical Examination of Factors Affecting the Timing of Environmental Accounting Standard Adoption and the Impact of Corporate Valuation by : Yue Li
Download or read book An Empirical Examination of Factors Affecting the Timing of Environmental Accounting Standard Adoption and the Impact of Corporate Valuation written by Yue Li and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses factors associated with firms' adoption of a new Canadian accounting standard promulgated in 1990, which requires disclosure of future removal and site restoration costs. Empirical analysis shows that adoption of the new standard by mining and oil and gas companies was influenced by a variety of factors and that disclosure of provisions for future removal and site restoration costs is valuation-relevant. More specifically, firms with a strong environmental commitment and in better financial health and those with less inherent uncertainty regarding future removal and site restoration costs were more likely to voluntarily adopt the new standard early. In addition, firms that adopted the new standard by the mandatory adoption date were more likely to have been audited by a Big 6 audit firm and to have raised capital during the year. Valuation analysis based on Ohlson (1995) suggests that disclosure of the provisions is valuation-relevant as it may enable capital markets to proxy for future removal and site restoration liabilities.
Book Synopsis An Empirical Examination of Conference Calls as a Voluntary Disclosure Medium by : Richard M. Frankel
Download or read book An Empirical Examination of Conference Calls as a Voluntary Disclosure Medium written by Richard M. Frankel and published by . This book was released on 2001 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides evidence on the characteristics of firms that hold conference calls and on whether these calls provide information to market participants. We find that firms that hold conference calls are larger, more profitable, go to the capital markets more often, and are growing more rapidly than other firms. We also find that conference calls provide information to market participants over and above the information contained in the accompanying press release. We find that trading volume and, to a lesser degree, return variance, are elevated during the time of conference calls and that average trade size is higher during the time of conference calls. We believe that this evidence is important because it suggests that material information is being released during conference calls and that a subset of large investors trade on this information in real time.
Book Synopsis Dissertation Abstracts International by :
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2009 with total page 634 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Mandatory and Discretional Non-financial Disclosure After the European Directive 2014/95/EU by : Francesco De Luca
Download or read book Mandatory and Discretional Non-financial Disclosure After the European Directive 2014/95/EU written by Francesco De Luca and published by Emerald Group Publishing. This book was released on 2020-06-04 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of the EU Directive 2014/95/EU, requiring the mandatory disclosure of non-financial information (NFI) by large undertakings and groups, is to rebuild trust with stakeholders. This book aims to summarize the relevant literature about company information with particular reference to the voluntary vis a vis mandatory NFI.
Book Synopsis The Evolution of Corporate Disclosure by : Alessandro Ghio
Download or read book The Evolution of Corporate Disclosure written by Alessandro Ghio and published by Springer Nature. This book was released on 2020-04-02 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a critical analysis of the evolution of corporate disclosure. Building upon prior academic literature, it assesses the most important changes in mandatory corporate disclosure, the growing relevance of social and environmental disclosure, and revolutionary new forms of corporate communication, in particular social media. It also includes empirical analyses that shed further light on the impact of voluntary communication, i.e. social and environmental reporting and corporate social media communication, on managerial and investment decisions. Lastly, it discusses new directions for accounting and corporate governance research on the theoretical and empirical challenges of corporate disclosure. Offering a wealth of relevant and timely advice, the book will help regulators design policies that allow businesses to overcome current and emerging economic, social, and technological challenges.
Book Synopsis The Disclosure and Assurance of Corporate Social Responsibility by : Isabel-María García-Sánchez
Download or read book The Disclosure and Assurance of Corporate Social Responsibility written by Isabel-María García-Sánchez and published by Cambridge Scholars Publishing. This book was released on 2019-01-08 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays collected here specifically examine the new trends of sustainability performance and reporting. They provide theoretical argumentation and evidence about sustainability performance, and determinants of its voluntary disclosure and external assurance. The book will interest companies, managers, shareholders, stakeholders and public bodies directly related to sustainability performance, the voluntary disclosure of sustainability information, and the adoption of an external assurance process.
Book Synopsis ePub - Proceedings of the 4th European Conference on on Intellectual Capital by :
Download or read book ePub - Proceedings of the 4th European Conference on on Intellectual Capital written by and published by Academic Conferences Limited. This book was released on 2012 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Environmental Disclosure by : Luigi Lepore
Download or read book Environmental Disclosure written by Luigi Lepore and published by Taylor & Francis. This book was released on 2022-12-29 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a description of the state of the art on environmental disclosure, illustrating the key theoretical issues, the regulatory frameworks, and the main standards developed and reporting the results of an empirical analysis on the environmental disclosure released by listed firms. Luigi Lepore and Sabrina Pisano begin by analysing the origin and evolution of environmental disclosure. They go on to provide a description of the main theoretical frameworks used by scholars, explaining the conceptual basis of each theory and describing how the specific theory has been used to explain the company’s decision to release environmental disclosure. The second part of the book highlights the role and evolution of the European regulatory frameworks, emphasising the transition from voluntary to mandatory disclosure, and the major standards and guidance developed. The book ends by providing a picture of the evolution of sustainability reporting practices in European Union nations over the past two decades. This book investigates the critical issues and new directions in environmental disclosure, which are currently under examination by regulators and standard setters. It will therefore be of great interest to academics and students working in the areas of business and sustainability.
Book Synopsis Advances in Quantitative Analysis of Finance and Accounting (New Series) Vol．12 by : Cheng F. Lee
Download or read book Advances in Quantitative Analysis of Finance and Accounting (New Series) Vol．12 written by Cheng F. Lee and published by Center for PBBEFR & Airiti Press. This book was released on 2014-01-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Quantitative Analysis of Finance and Accounting (New Series) is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and the accounting profession.
Book Synopsis Relational Justice by : Hanoch Dagan
Download or read book Relational Justice written by Hanoch Dagan and published by Oxford University Press. This book was released on 2024-07-25 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: What makes private law private? What is its domain? What are the values it promotes? Relational Justice: A Theory of Private Law addresses these foundational questions in a robust analysis of the key doctrines of private law, including torts, contracts, and restitution. Discarding the vision of private law as a bastion of negative duties of non-interference or efficiency maximization, this book reframes private law in terms of what it calls 'relational justice' - reciprocal respect for self-determination and substantive equality. By vindicating self-determination, private law can forge the horizontal interactions vital to the ability to shape and implement a conception of the good life. By structuring these interactions in terms requiring parties to respect one another for who they are, private law can cast them as interactions between equals. In the book's first part, the authors set out a normative position they term relational justice, whereby the rules of private law abide by the fundamental maxim of reciprocal respect for self-determination and substantive equality. The second part of the book applies this framework to an analysis of familiar private law doctrinal areas, followed by a third part charting newer areas including workplace safety, poverty, discrimination, and implications for international law. Throughout, the authors show how relational justice theory provides a normative vocabulary for evaluating core features of existing private law, while suggesting directions for necessary or desirable reforms.
Book Synopsis An Empirical Examination to the Association Between the Adoption of Long-term Performance Plans and the Subsequent Growth of Research and Development Expenditures by : Parvez R. Sopariwala
Download or read book An Empirical Examination to the Association Between the Adoption of Long-term Performance Plans and the Subsequent Growth of Research and Development Expenditures written by Parvez R. Sopariwala and published by . This book was released on 1985 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:
