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Analysts Use Of Non Financial Information Disclosures
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Book Synopsis Analysts' Use of Non-Financial Information Disclosures by : Ana Vidolovska Simpson
Download or read book Analysts' Use of Non-Financial Information Disclosures written by Ana Vidolovska Simpson and published by . This book was released on 2010 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study I examine how analysts process non-financial information and how their processing is affected by the patterns of non-financial information disclosures by firms. More specifically, I examine the association between analyst earnings forecast errors and the persistence of non-financial disclosures, both across information content and over time. The study focuses on firms in the wireless industry for the period 1997 ndash; 2007. The results show that analysts tend to under-react to the information contained in customer acquisition cost, average revenue per user, and the number of subscribers. These are the performance measures which have significant predictive ability for future earnings of wireless firms. Distinguishing between persistently and non-persistently disclosing firms reveals that the above findings are driven primarily by firms with irregular disclosures of non-financial information. There is no evidence of analysts' inefficiency in evaluating the content of non-financial metrics provided by persistently disclosing firms. This implies that the lack of systematic disclosures of performance measures restricts financial analysts' ability to fully analyze the contributions of these metrics for future earnings.
Book Synopsis Non-Financial Disclosure and Integrated Reporting by : Lucrezia Songini
Download or read book Non-Financial Disclosure and Integrated Reporting written by Lucrezia Songini and published by Emerald Group Publishing. This book was released on 2020-03-12 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: For researchers and managers interested in performance measurement, this volume includes innovative research that sheds light on topics such as the determinants of disclosure quality, the identification of appropriate metrics, the relationship among the different disclosure mechanisms and between voluntary and mandatory disclosure, and many more.
Book Synopsis Non-financial Disclosure and Integrated Reporting by : Lino Cinquini
Download or read book Non-financial Disclosure and Integrated Reporting written by Lino Cinquini and published by Springer Nature. This book was released on 2022-02-18 with total page 477 pages. Available in PDF, EPUB and Kindle. Book excerpt: The increasingly crucial role of companies’ non-financial disclosure (NFD) and integrated reporting (IR) has led to a lively debate among academics, practitioners, and regulators on the approaches, framework, contents, principles, and standards that should oversee these forms of reporting. Through several expert contributions, conducted both with qualitative and quantitative methodologies, this book provides an up-to-date portrait of the debate by exploring corporate NFD either in its mandated contents or voluntary information. Contributing authors provide studies that encompass the different lines of NFD, namely non-financial risk reporting, sustainability reporting, and intellectual capital reporting, as well as the integration of financial and non-financial information through IR, the assurance of the NFD and IR through auditing activities, and the role of management and CFOs in NFD and IR.
Book Synopsis Do Firms' Nonfinancial Disclosures Enhance the Value of Analyst Services?* by : Craig Nichols
Download or read book Do Firms' Nonfinancial Disclosures Enhance the Value of Analyst Services?* written by Craig Nichols and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Regulation FD recommends press releases as a primary avenue for timely disclosure of material information to market participants. Firms commonly issue product-related and business expansion information through press releases, yet no study examines how analysts respond to these information events. We find that forecasting activity nearly doubles at the disclosure date, and that forecasts associated with these disclosures become more accurate and less dispersed across analysts. Finally, in short windows around the disclosure date, the market's reaction is concentrated at the date of the subsequent forecast revision. Overall, our results suggest that nonfinancial disclosures improve the quality and quantity of information in capital markets and appear to enhance the value of analysts' services, even though the information is made widely available to all market participants at the time the firm makes the disclosure.
Book Synopsis Mandatory Non-financial Risk-Related Disclosure by : Stefania Veltri
Download or read book Mandatory Non-financial Risk-Related Disclosure written by Stefania Veltri and published by Springer Nature. This book was released on 2020-07-31 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the impact of the disclosure of non-financial risk, which could be seen as the most relevant non-financial information (NFI), in the aftermath of the 2014/95/EU Directive. The author analyses whether the switch from voluntary to mandatory NFI enhance the quality of disclosed NF risk-related information and the usefulness of the risk disclosure for investors. The book focuses specifically on the mandatory disclosure of non-financial (NF) risks as required by the EU Directive for listed Italian companies, investigating both the state of art of its disclosure and its usefulness for investors. In doing so, the book contributes to fill two relevant gaps in risk literature. The first research gap is related to the insufficient investigation of the disclosure of NF risks. Companies mandated to disclose risk-related information focused mainly on financial risks, in spite of the width of the definition of risk, conceived as information about any opportunity, danger, threat, or exposure that has or could impact the company in the future. The second gap is that empirical evidence about the effects of corporate risk disclosures is still limited, and the potential benefits of the disclosure of information on risks have not been fully explored. In particular, the relationship between risk disclosures and firm value is under researched, as the risk literature mainly focuses on the incentives question, related to the motives for which companies decide to disclose. The research in this book focuses on Italy, a country that provides a unique opportunity to examine the impact of mandatory NF risk disclosure on firm market value, being one of the biggest industrial European countries that had not mandatory legislation for NFI disclosure, and also one of the leading countries in voluntary corporate social responsibility (CSR) reporting at an international level. It has been carried out in the fiscal year 2017, the first year of the application of the mandatory NF disclosure for obliged Italian listed PIEs. The book contributes both to the measurement literature, as it presents a self-constructed quality NF risks and to the value relevance analysis literature, providing evidence of the usefulness of financial and non-financial risk-related disclosures in the Italian context.
Book Synopsis Nonfinancial Disclosure and Analyst Forecast Accuracy by : Dan S. Dhaliwal
Download or read book Nonfinancial Disclosure and Analyst Forecast Accuracy written by Dan S. Dhaliwal and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relationship between disclosure of nonfinancial information and analyst forecast accuracy using firm-level data from 31 countries. We use the issuance of standalone corporate social responsibility (CSR) reports to proxy for disclosure of nonfinancial information. We find that the issuance of standalone CSR reports is associated with lower analyst forecast error. This relationship is stronger in countries that are more stakeholder-oriented -- i.e., in countries where CSR performance is more likely to affect firm financial performance. The relationship is also stronger for firms and countries with more opaque financial disclosure, suggesting that issuance of standalone CSR reports plays a role complementary to financial disclosure. These results hold after we control for various factors related to firm financial transparency and other potentially confounding institutional factors. Collectively, our findings have important implications for academics and practitioners in understanding the function of CSR disclosure in financial markets.
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 104 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 Moving Forward Towards Integrated Reporting by : Diederik Ligtenberg
Download or read book Moving Forward Towards Integrated Reporting written by Diederik Ligtenberg and published by GRIN Verlag. This book was released on 2013-07-18 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2013 in the subject Business economics - Investment and Finance, grade: 8,5, TiasNimbas Business School, course: Executive Master of Finance & Control, language: English, abstract: This study examines the effect of Integrated Reporting (IR) on corporate disclosures in the financial services industry. In particular, this study shows that IR leads to a higher level of disclosure of non-financial information, measured by a set of criteria based on the content elements of the Consultation Draft of the IR Framework (presented 16.04.2013). In addition, this thesis provides a structured approach and a starting point for the IR implementation trajectory. This performance management approach, built on the concept of the Value Driver Tree, interlinks content elements and their interdependencies, with corporate strategy as a starting point for IR.
Book Synopsis The Effect of Voluntary Disclosure of Non-financial Performamce Indicators on Company Valuation Judgments by : Paul James Coram
Download or read book The Effect of Voluntary Disclosure of Non-financial Performamce Indicators on Company Valuation Judgments written by Paul James Coram and published by . This book was released on 2005 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The evaluation of financial risk profile of the companies and the mandatory disclosure on Liquidity and Credit Risk by : Olga Cucaro
Download or read book The evaluation of financial risk profile of the companies and the mandatory disclosure on Liquidity and Credit Risk written by Olga Cucaro and published by Olga Maria stefania Cucaro. This book was released on 2020-10-18 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: THE EVALUATION OF FINANCIAL RISK PROFILE OF THE COMPANIES AND THE MANDATORY DISCLOSURE ON LIQUIDITY AND CREDIT RISK is a work born from a careful study of the evolution of the Italian and European legislation on the subject of financial risk communication and in particular of IFRS 7, Finacial Instruments: Disclosure. Thanks to this international accounting standard, Italian listed companies have included a greater number of disclosures on financial risks in their financial statements, but while there is no doubt the quantitative increase in information, the qualitative value of this communication is doubtful. In this regard, the study analyzes the usefulness of the disclosure introduced by IFRS 7 for financial analysts. The choice of analysts is a natural choice due to the importance they hold as intermediaries in the communication channel between companies and the market.
Book Synopsis Communicating the Corporate Strategy by : Thorsten Alexander Ehinger
Download or read book Communicating the Corporate Strategy written by Thorsten Alexander Ehinger and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Securities and Exchange Commission. Advisory Committee on Corporate Disclosure Publisher : ISBN 13 : Total Pages :540 pages Book Rating :4.3/5 (91 download)
Book Synopsis Report of the Advisory Committee on Corporate Disclosure to the Securities and Exchange Commission: Appendix by : United States. Securities and Exchange Commission. Advisory Committee on Corporate Disclosure
Download or read book Report of the Advisory Committee on Corporate Disclosure to the Securities and Exchange Commission: Appendix written by United States. Securities and Exchange Commission. Advisory Committee on Corporate Disclosure and published by . This book was released on 1977 with total page 540 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Statement Analysis by : Martin S. Fridson
Download or read book Financial Statement Analysis written by Martin S. Fridson and published by John Wiley & Sons. This book was released on 2002-10-01 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Financial Statement Analysis A Practitioner's Guide Third Edition "This is an illuminating and insightful tour of financial statements, how they can be used to inform, how they can be used to mislead, and how they can be used to analyze the financial health of a company." -Professor Jay O. Light Harvard Business School "Financial Statement Analysis should be required reading for anyone who puts a dime to work in the securities markets or recommends that others do the same." -Jack L. Rivkin Executive Vice President (retired) Citigroup Investments "Fridson and Alvarez provide a valuable practical guide for understanding, interpreting, and critically assessing financial reports put out by firms. Their discussion of profits-'quality of earnings'-is particularly insightful given the recent spate of reporting problems encountered by firms. I highly recommend their book to anyone interested in getting behind the numbers as a means of predicting future profits and stock prices." -Paul Brown Chair-Department of Accounting Leonard N. Stern School of Business, NYU "Let this book assist in financial awareness and transparency and higher standards of reporting, and accountability to all stakeholders." -Patricia A. Small Treasurer Emeritus, University of California Partner, KCM Investment Advisors "This book is a polished gem covering the analysis of financial statements. It is thorough, skeptical and extremely practical in its review." -Daniel J. Fuss Vice Chairman Loomis, Sayles & Company, LP
Book Synopsis The ValueReporting Revolution by : Robert G. Eccles
Download or read book The ValueReporting Revolution written by Robert G. Eccles and published by John Wiley & Sons. This book was released on 2002-03-14 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a comprehensive framework for achieving higher levels of corporate information disclosure and transparency In order to decide whether or not a company is a good investment, analysts and investment professionals need to know as much as possible about the company's tangible and intangible assets, as well as a variety of critical performance measures. Written by an international team of experts, The Value Reporting Revolution clearly explains why corporations must move toward greater transparency and, more importantly, it provides a comprehensive framework for achieving that goal. Among other important lessons, readers learn how to identify the gaps between how corporate managers perceive their disclosure practices versus how the markets see them, as well as how to leverage their organizations' electronic communications technology and tools to ensure easy access to vital information and more meaningful data analysis. Robert Eccles (Jupiter, FL) is President of Advisory Capital Partners, Inc. Robert H. Herz (New York, NY) is a Partner at PricewaterhouseCoopers, US. David Phillips (London, UK) is a Partner at PricewaterhouseCoopers, UK. Mary M. Keegan (London, UK) is head of Global Corporate Reporting at PricewaterhouseCoopers, UK.
Book Synopsis Comprehensive Income Disclosures and Analysts' Valuation Judgments by : D. Eric Hirst
Download or read book Comprehensive Income Disclosures and Analysts' Valuation Judgments written by D. Eric Hirst and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate whether clear disclosure of comprehensive income (CI) facilitates detection of earnings management by buy-side financial analysts and predictably affects their security price judgments. Because analysts and investors often must sort through voluminous footnotes and non-financial information to locate CI components and other value-relevant items, the Association for Investment Management and Research has recommended changes in the reporting of these items. In June 1997, the FASB issued SFAS No. 130-Reporting Comprehensive Income in response to this demand.The efficient markets hypothesis suggests that this reformatting of the financial statements should not affect analysts' judgments. However, psychology research predicts that information will not be used unless it is both available and readily processable (i.e., clear). Therefore, we argue that analysts' valuation judgments will be affected by the clarity of CI disclosure.The results of an experiment, in which 96 analysts participated, suggest that clear income statement (IS) disclosure of CI-as originally proposed in the FASB's CI Exposure Draft-enhances the transparency of a company's earnings management activities and reduces analysts' valuation judgments to the same level observed for a firm that does not manage its earnings. In contrast, we find that disclosure of CI in the statement of changes shareholders' equity-as allowed by SFAS No. 130 and likely to be adopted by a majority of US companies-is not as effective as IS disclosure in revealing earnings management. We discuss the implications of this study for users of financial accounting information and for accounting standard setters.
Book Synopsis Mandatory Corporate Social Responsibility Reporting in the EU by : Dániel Gergely Szabó
Download or read book Mandatory Corporate Social Responsibility Reporting in the EU written by Dániel Gergely Szabó and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although non-financial or Corporate Social Responsibiliy (CSR) reporting has attracted increasing attention in the last decades, it only recently entered the legal discourse. This book narrows the gap between CSR reporting and legal disclosure requirements. It analyzes financial, management, and corporate governance reporting, as well as other dedicated reporting types. The author investigates what legal framework underpins these disclosure types; to what extent these instruments mandate the disclosure of non-financial information; and if they have potential to expand their non-financial disclosure requirements. The findings suggest that mandatory non-financial reporting is less developed than expected. This book will be of interest to policy-makers who need to transpose the Non-Financial Reporting Directive or provide guidance on it. In addition, non-financial reporting professionals will find this monograph useful in exploring the underlying issues of preparing non-financial reports and understanding to what extent legal requirements are enforceable. (Series: ?Dovenschmidt Monographs, Vol. 4) [Subject: EU?Law, Corporate Law
Book Synopsis Accounting, Accountability and Society by : Mara Del Baldo
Download or read book Accounting, Accountability and Society written by Mara Del Baldo and published by Springer Nature. This book was released on 2020-03-31 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the growing interest among policymakers, practitioners and academics in the evolution and the future implications of social, environmental and sustainability accounting. To do so, it examines the conceptual and practical application of accountability at multiple levels and contexts, and presents a range of case studies focusing on salient issues, perspectives and the potential of multidimensional accounting and reporting regimes. Intended for a diverse audience, the book allows readers to gain a better understanding of the topics, encourages dialogue and debate, and stimulates innovation in scholarship, policy and practice.
