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Author : MARK LANG
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.L/5 ( download)
Download or read book CORPORATE DISCLOSURE POLICY AND ANALYSIS written by MARK LANG and published by . This book was released on 1993 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alessandro Ghio
Publisher : Springer Nature
ISBN 13 : 3030422992
Total Pages : 183 pages
Book Rating : 4.0/5 (34 download)
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.
Author : Mark H. Lang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Corporate Disclosure Policy and Analyst Behavior written by Mark H. Lang and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relation between the disclosure practices of firms, the number of analysts following each firm, and properties of the analysts' earnings forecasts. Using data from the Financial Analysts Federation Corporate Information Committee Report (FAF Report), we provide evidence that firms with more informative disclosure policies have a larger analyst following, more accurate analyst earnings forecasts, less dispersion among individual analyst forecasts and less volatility in forecast revisions. The results enhance our understanding of the role of analysts in capital markets. Further, they suggest that potential benefits to disclosure include increased investor following, reduced estimation risk and reduced information asymmetry, each of which have been shown to reduce a firm's cost of capital in theoretical research.
Author : Mark Harold Lang
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (319 download)
Download or read book Corporate Disclosure Policy and Analysts written by Mark Harold Lang and published by . This book was released on 1993 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : James Robert Brown
Publisher : Aspen Publishers
ISBN 13 : 9781567061604
Total Pages : 0 pages
Book Rating : 4.0/5 (616 download)
Download or read book The Regulation of Corporate Disclosure written by James Robert Brown and published by Aspen Publishers. This book was released on 1995 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a complete & up-to-date handbook on the issue of corporate disclosure, covering the impact of the federal securities laws on both informal communications & the process of communicating with shareholders. It includes a new discussion of the "Bespeaks Caution" doctrine, updated coverage of the materiality of government investigations & undisclosed illegal behavior, & cutting-edge analysis of the latest trends, such as electronic communications, SEC reforms, & MD & A requirements. Critical areas analyzed include: Disclosure requirements & anti-fraud provisions The duty to disclose Dissemination Issues involving materiality Disclosure of bad news Negotiations Dealing with analysts Projects & appraisals Stock repurchases Sensitive disclosure periods State disclosure obligations Corporate communication policies Shareholder communications The summary annual report Communicating with beneficial owner Dealing with analysts Communication & dissemination of information over the Internet And more.
Author : James Robert Brown
Publisher : Wolters Kluwer
ISBN 13 : 0735501564
Total Pages : 1709 pages
Book Rating : 4.7/5 (355 download)
Download or read book The Regulation of Corporate Disclosure written by James Robert Brown and published by Wolters Kluwer. This book was released on 1999-01-01 with total page 1709 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Regulation of Corporate Disclosure, Third Edition is a complete and up-to-date handbook on the issue of corporate disclosure, covering the impact of the federal securities laws on both informal communications and the process of communicating with shareholders. The Third Edition expands topics previously covered, addressing the legal issues and practical concerns surrounding implementation of the Private Securities Litigation Reform Act of 1995, the Sarbanes-Oxley Act of 2002, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The book also has an in-depth treatment of managementand’s discussion and analysis (MDand&A), something that, although appearing in required SEC filings, involves many of the same difficult and complex issues raised by the informal disclosure process. Also addressed are: SEC reforms of the periodic reporting process; issues pertaining to stock research analysts and conflicts of interest; and various relevant corporate governance requirements and their disclosure implications. Critical areas analyzed include ;Disclosure requirements and anti-fraud provisions The duty to disclose Dissemination Issues involving materiality Disclosure of bad news Negotiations Dealing with analysts And much more!
Author : Ted Trautmann
Publisher : Wolters Kluwer
ISBN 13 : 0808021583
Total Pages : 3 pages
Book Rating : 4.8/5 (8 download)
Download or read book Informal Corporate Disclosure Under Federal Securities Law 2009 written by Ted Trautmann and published by Wolters Kluwer. This book was released on 2009-04-01 with total page 3 pages. Available in PDF, EPUB and Kindle. Book excerpt: Informal Corporate Disclosure Under Federal Securities Law, 2009 Editionexamines the regulation of informal disclosure -- e.g., press releases,speeches, analyst conference calls, webcasts, and investor roadshows -- asdistinguished from formal, highly structured disclosure in SEC filings. Thecoverage includes discussion of federal securities law, rules and courtdecisions; self-regulatory organization rules for listed companies, andstandards of practice prescribed by the National Investor RelationsInstitute (NIRI).This updated 2009 Edition includes:discussion of the SEC's recent guidance on the use of company web sites,including advice on the sufficiency of web site disclosure as a means ofdissemination under Regulation FD (see ¶1002)liability for hyperlinks to third-party information (see ¶1003)issues presented by the use of summaries and overviews (see ¶1004)concerns related to blogs and online discussion forums (see ¶1009)The new 2009 Edition also examines materiality principlesgoverning quantitative financial disclosures, specifically the recommendationsof the SEC Advisory Committee on Improvements to Financial Reporting,or CIFiR (see ¶¶403 and 1102). In addition, the work covers recentSEC Compliance and Disclosure Interpretations on the Form 8-K reportingobligation triggered by disclosure of certain financial information (see¶1105). Finally, the 2009 Edition includes discussion ofnew NIRI standards for quarterly earnings releases (see ¶1103), thetext of selected portions of those standards (see Appendix), and a timelinefor preparing an earnings release (see Appendix).
Author : Henry Perrin Garsombke
Publisher :
ISBN 13 :
Total Pages : 428 pages
Book Rating : 4.:/5 ( download)
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:
Author : Andrea Menini
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (955 download)
Download or read book Corporate Disclosure written by Andrea Menini and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gill North
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041168184
Total Pages : 386 pages
Book Rating : 4.0/5 (411 download)
Download or read book Effective Company Disclosure in the Digital Age written by Gill North and published by Kluwer Law International B.V.. This book was released on 2015-10-16 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: Effective corporate reporting and disclosure are critical in financial markets to promote vigorous competition, optimal performance, and transparency. This book examines whether existing disclosure frameworks in eight countries with the world's most significant securities exchanges achieve these objectives, and then, drawing on extensive empirical findings, identifies the policies and practices that contribute most to improving the overall quality of listed company reporting and communication. Contending that public disclosure of listed company information is an essential precondition to the long-term efficient operation of financial markets, the book provides analysis of such issues and topics as the following: - arguments for and against mandatory disclosure regimes; - key principles of periodic and continuous disclosure regulation; - tensions between direct and indirect investment in financial markets; - assumptions concerning the need to maintain a privileged role for financial intermediaries; - intermediary, analyst, and research incentives; - protection of individual investors; - selective disclosure; - disclosure of bad news; - the role of accounting standards; - public access to company briefings; - long term performance reporting and analysis; and - company reporting developments. A significant portion of the book provides an overview of disclosure regulation and practice in the United States, Canada, Germany, the United Kingdom, Japan, Hong Kong, Australia, and Singapore. A highly informative survey looks at company reports, disclosures, and websites of large listed companies, including Microsoft, Citigroup, Teck Resources, Deutsche Bank, BP, Sony, PetroChina Company, BHP Billiton, and Singapore Telecommunications. The book discusses common disclosure issues that arise across jurisdictions, provides valuable insights on the efficacy of existing disclosure regulation and practice, and highlights the important principles, processes, and practices that underpin best practice company disclosure frameworks. It will be welcomed by company boards and executives and their counsel, as well as by policymakers and scholars in the areas of corporate, securities, banking and financial law, accounting, economics and finance.
Author : David F. Hawkins
Publisher : Routledge
ISBN 13 : 1000385477
Total Pages : 291 pages
Book Rating : 4.0/5 (3 download)
Download or read book Corporate Financial Disclosure, 1900-1933 written by David F. Hawkins and published by Routledge. This book was released on 2022-02-01 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, first published in 1986, is a close analysis into management’s financial disclosure practices of the first half of the twentieth century. With criticisms of existing financial disclosure practices continuing to today, this study aims to make sense of the present through an examination of past practices, difficulties and solutions.
Author : Brown
Publisher : Wolters Kluwer
ISBN 13 : 145488634X
Total Pages : 2350 pages
Book Rating : 4.4/5 (548 download)
Download or read book Regulation of Corporate Disclosure, 4th Edition written by Brown and published by Wolters Kluwer. This book was released on 2016-12-15 with total page 2350 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Regulation of Corporate Disclosure is a one-volume treatise on the disclosure regime in place under the Federal securities laws. The treatise addresses the formal disclosure process (periodic reports, MD&A, Regulation FD), the informal disclosure process (press releases, social media, discussions with analysts), and the application of the antifraud provisions to these communications. The treatise includes chapters on scienter and materiality, and also addresses communications with and disclosure obligations to shareholders. The Fourth Edition has been significantly revised and, among other topics, includes coverage of: The duties and responsibilities of corporate officials relating to the disclosure process The most recent cases addressing disclosure issues, including decisions by the Supreme Court on topics such as the application of the antifraud provisions to beliefs and opinions Pronouncements by the U.S. Securities and Exchange Commission on disclosure issues, including consideration of the SEC's efforts to improve disclosure effectiveness The developing need to consider disclosure of public interest matters, including the effects of climate change on a company's business The disclosure requirements applicable to the proxy process, including the system for uncovering the identity of street name owners State disclosure obligations of the board of directors under its fiduciary obligations to shareholders.
Author : Carol Ann Frost
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Characteristics and Information Value of Corporate Disclosures of Forward-Looking Information in Global Equity Markets written by Carol Ann Frost and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study documents the characteristics and information value of corporate disclosures of forward-looking information in different equity markets. It focuses on the extent to which national differences in legal and regulatory environments, and systems of corporate governance and finance influence the frequency, specificity, and conservativeness of managers' timely forward-looking disclosures. To provide evidence on the information value of forward-looking disclosures to investors, the stock price responses to forward-looking disclosures in the five countries studied are compared. The primary question motivating this analysis is whether the stringent legal and regulatory climate in the US deters firms from releasing forward-looking disclosures as compared with those in countries such as France, Germany, and Japan, where the legal and regulatory climates are less stringent. I include analysis of UK disclosures for further comparative evidence since the UK, like the US, imposes stringent legal standards. Analysis focuses on forward-looking disclosures made during 1993 by 400 firms, 80 each selected from France, Germany, Japan, the UK, and the US. The five national samples are matched on firm size (1993 equity market value) and are all drawn from the manufacturing industry group. The evidence in this study is generally consistent with the view that the legal and regulatory climate in the US does influence US firms' forward-looking disclosure policies. Specifically, relatively fewer US (and UK) firms disclose forecasts, and forecast frequency is lower then in France, Germany, and Japan, even though US and UK firms release press releases more frequently overall. Also, in the US and the UK, only 38% and 20%, respectively, of the announcements with forward-looking information contain specific forecasts, compared to 64% of the announcements in France, 64% in Germany, and 80% in Japan. Two analyses also support the view that US firms' forward-looking disclosure policies are relatively conservative. for example, forecast horizons are shorter in the US (and the UK), consistent with the view that US managers may delay releasing forecasts to decrease the probability of making an incorrect forecast, which might lead to increased legal risk. All types of US forward-looking disclosure appear to convey relevant new information to investors, suggesting that the stringent US legal and regulatory environment does not necessarily impair US investors' access to the most highly relevant forward-looking information. The market responses to earnings and sales forecasts and "soft" prospective disclosures for the US subsample are statistically significant, especially for forecasts, and the market responses to forecasts are greater than the response to earnings and sales results. However, forward-looking disclosures also appear to be informative in France, Germany, and the UK (but not in Japan). For example, for the French subsample, both mean and median market responses to earnings forecasts and "soft" earnings prospective disclosures are statistically significant at conventional levels. Thus, even though the legal and regulatory climates in France and Germany are less stringent than in the US, firms in these countries also disclose credible and timely forward-looking information.
Author : Ron Kasznik
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (818 download)
Download or read book Financial Reporting Discretion and Corporate Disclosure Policies written by Ron Kasznik and published by . This book was released on 1997 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Anne Sherry
Publisher : Aspen Publishers
ISBN 13 : 9780808032984
Total Pages : 284 pages
Book Rating : 4.0/5 (329 download)
Download or read book Informal Corporate Disclosure Under Federal Securities Law (2012 Edition) written by Anne Sherry and published by Aspen Publishers. This book was released on 2012-07-01 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David Gelb
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (129 download)
Download or read book Corporate Disclosure Policy and the Informativeness of Stock Prices written by David Gelb and published by . This book was released on 2008 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the association between voluntary corporate disclosure and the informativeness of stock prices. We measure corporate disclosure using the AIMR-FAF annual corporate disclosure ratings. We define price informativeness by the association between current stock returns and future earnings changes: more informative stock price changes contain more information about future earnings changes. To measure this association, we use the multiple regression model of Collins, Kothari, Shanken, and Sloan (1994), wherein current returns are regressed against both current and future earnings changes and future stock returns. The aggregated coefficients on the future earnings changes, which we refer to as the future ERC, is our measure of informativeness (association).We hypothesize and find that greater disclosure is associated with greater price informativeness (i.e., higher future ERC). This is the first empirical evidence that enhanced disclosure results in stockprices that are more informative about future earnings, indicating that greater disclosure provides information benefits to the stock market.In addition, the method we use to document the benefits of enhanced voluntary disclosure can be applied in other cases of interest to both academics and policymakers, such as assessing the benefits of additional required disclosures.
Author : Ted Trautmann
Publisher :
ISBN 13 :
Total Pages : 296 pages
Book Rating : 4.F/5 ( download)
Download or read book Informal Corporate Disclosure Under Federal Securities Law written by Ted Trautmann and published by . This book was released on 2002 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt:
