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Corporate Governance Disclosure And Market Liquidity
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Book Synopsis Corporate Governance, Disclosure and Market Liquidity by : Ariadna Dumitrescu
Download or read book Corporate Governance, Disclosure and Market Liquidity written by Ariadna Dumitrescu and published by . This book was released on 2015 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates how corporate decisions such as the choice of corporate governance mechanisms or information disclosure by management, affect firm stock liquidity. The model studies the interaction between a firm's manager and its shareholders and shows that the quality of the firm's dividend report, a result of this interaction, affects information asymmetry in the financial market, and therefore, liquidity. Interestingly, the effect of disclosure quality on liquidity is non-monotonical. The model also highlights the complementarity between internal and external corporate governance mechanisms. Thus, the optimal level of disclosure required to maximize market liquidity increases in the quality of the firm's internal corporate governance mechanisms.
Book Synopsis Corporate Governance, Risk Disclosure Practices, Market Liquidity and Profitability by : Clara Antoine Chedid
Download or read book Corporate Governance, Risk Disclosure Practices, Market Liquidity and Profitability written by Clara Antoine Chedid and published by . This book was released on 2017 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Relation Between Corporate Social Responsibility (CSR) Disclosure and Market Liquidity by : Sumi Jang
Download or read book The Relation Between Corporate Social Responsibility (CSR) Disclosure and Market Liquidity written by Sumi Jang and published by . This book was released on 2015 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent increases in corporate social responsibility (CSR) disclosure have raised several questions as to why firms engage in CSR disclosure behaviour. One of many possible benefits might be the increased level of market liquidity. In this context, this study examines the relation between CSR disclosure and market liquidity for 200 listed CSR-sensitive firms on the Australia Stock Exchange (ASX) for the year 2014. In particular, this study uses two CSR disclosure measures and four types of market liquidity measures to investigate the association between the two.
Book Synopsis The Oxford Handbook of Economic and Institutional Transparency by : Jens Forssbaeck
Download or read book The Oxford Handbook of Economic and Institutional Transparency written by Jens Forssbaeck and published by Oxford Handbooks. This book was released on 2014 with total page 619 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Transparency' has become both a catch-word in public debate and also an important research topic. Comprised of authoritative yet accessible contributions, this handbook surveys existing economic research on transparency and provides an up-to-date account of its meaning and significance in economic policy, market integration and regulation, and corporate governance and disclosure.
Book Synopsis Lessons in Corporate Governance from the Global Financial Crisis by : L. P. Yong
Download or read book Lessons in Corporate Governance from the Global Financial Crisis written by L. P. Yong and published by CCH Australia Limited. This book was released on 2009 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lessons in Corporate Governance from the Global Financial Crisis poses and attempts to answer key questions about the Global Financial Crisis (GFC). Did it have to happen? What caused it and, more importantly, why? Could it have been avoided? Could it happen again? This book covers issues such as importance of the fiduciary duties of board members, risk management, influence of hedge funds, impact on members’ pension funds, currency hedging, role of government regulation and the extensive use of financial derivatives.
Book Synopsis Th Effect of Disclosure Quality on Stock Liquidity and Earnings Management by : Yuting Wang
Download or read book Th Effect of Disclosure Quality on Stock Liquidity and Earnings Management written by Yuting Wang and published by . This book was released on 2016 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis provides evidence on the importance of disclosure quality on stock market and firm corporate governance. It investigates the effect of disclosure quality on stock liquidity and earnings management for Chinese firms listed on the Shenzhen Stock Exchange. My analysis is conducted in two parts. The first part investigates the relationship between disclosure quality and stock liquidity. The results from various proxies for market liquidity suggest that higher disclosure quality leads to improved stock liquidity with reduced information asymmetry. Further, as the disclosure rating improves, the ability for information disclosure to mitigate information asymmetry and stimulate market liquidity becomes stronger. The second part of the thesis examines the effect of disclosure quality on listed firms’ earnings management. I find that a higher level of disclosure quality is associated with less earnings management and lower information asymmetry. However, the results do not provide any significant evidence on the relationship between the change in disclosure quality and the change in the inclination to engage in earnings management. This indicates that the ratio of earnings management level in adjacent fiscal years cannot capture the change in earnings management, and it further confirms that accruals reversion among accounting periods should be considered when constructing models for changes in earnings management.
Book Synopsis Global Differences in Corporate Governance Systems by : Markus Berndt
Download or read book Global Differences in Corporate Governance Systems written by Markus Berndt and published by Springer-Verlag. This book was released on 2013-04-17 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: Markus Berndt explains the observable evolution and persistence of differences in financial systems by elaborating on the influence of network effects on corporate governance systems. He develops a coherent theoretical framework pulling together existing agency theories and providing new theoretical foundations wherever there is a gap in the current theoretical understanding of corporate governance.
Book Synopsis Corporate Governance and Corporate Social Responsibility by : Sabri Boubaker
Download or read book Corporate Governance and Corporate Social Responsibility written by Sabri Boubaker and published by World Scientific. This book was released on 2014-09-26 with total page 613 pages. Available in PDF, EPUB and Kindle. Book excerpt: While emerging market economies do not have a mature market structure yet, there is a need for research on corporate governance practices in these economies from different perspectives, including corporate social responsibility. Corporate Governance and Corporate Social Responsibility: Emerging Markets Focus fills the gap with a collection of high-quality research and policy-based papers addressing these issues, using various market cases as illustrations. Unlike previous books that often focused on one or several emerging markets, this book covers a much broader set of countries and tackles ethical, legal and societal aspects of corporate governance, beyond financial issues. It also discusses how companies work towards best corporate governance practices, particularly, in the aftermath of recent financial and economic crises. Readers will benefit from the wide range of theoretical, empirical, and case analyses, selected with care to reflect cutting-edge corporate governance and corporate social responsibility issues in countries with emerging markets. Contents: Corporate Governance: Legal Framework and Codes of Best Practices: Corporate Governance Bundles for Emerging Markets (Rahul Bedi and Darshan Desai); OC GoodOCO Corporate Governance in Transformation Countries OCo A Comparison of Experts' Perceptions in East Germany, Estonia and Hungary (Thomas Steger, Ruth Alas and Klliki Tafel-Viia); Corporate Governance, Policies and Public Listing: The Case of Chinese State-owned Enterprises (Zigan Wang); Corporate Governance in Turkey: The Case of Borsa Istanbul 50 Companies (Esra Nemli Caliskan and Basak Turan Icke); Barriers to Effective Corporate Governance Reforms: Corruption and the Peculiar Case of Nigeria (Ngozi Okoye); The Brazilian Fiscal Council OCo Protecting Minority Shareholders in a Weak Legal System (Jairo Laser Procianoy and Roberto Frota Decourt); Using Market Incentives to Move Beyond Law and Regulation in Emerging Markets OCo The Case for Corporate Governance Stock Exchange Indices (Andreas Grimminger); Corporate Governance: Some Country Experiences: The Audit Committee in the EU Emerging Countries (Daniela M Salvioni, Francesca Gennari, Luisa Bosetti and Alex Almici); Great Expectations from Pension Fund Activism: Insight from Poland (Agnieszka Seomka-GoeObiowska); Ownership Structure and Directors' Compensation Disclosure in Malaysia (Elinda Binti Esa and Abdul Rahman Zahari); Corporate Governance, Performance and Liquidity Risk of West African Economic and Monetary Union (WAEMU) Banks (Alassane Ouattara, Luc Paugam and Olivier Ramond); Board Composition and Company Performance: A Study of Sub-Saharan African Countries (Gibson Munisi); Emerging Markets Banks Ownership and Performance: Evidence from China (Xiaoxi Zhang and Kevin Daly); Corporate Governance in Romania: Theories and Practices (Gheorghe N Popescu, Veronica Adriana Popescu and Cristina Raluca Popescu); Corporate Social Responsibility: Corporate Governance and Corporate Social Responsibility in Financial Institutions: Evidence from Islamic Banks (Hisham Farag); Is Corporate Governance Related to Corporate Social Responsibility? The Case of South Africa (Idoya Ferrero-Ferrero, Mar a ungeles Fernindez-Izquierdo, Mar a Jess Muoz-Torres, Juana Mar a Rivera-Lirio, Ral Len-Soriano and Elena Escrig-Olmedo); Achieving Corporate Governance and Corporate Social Responsibility in an Emerging Market through Gender Diversity on Boards in India (Sharon Ayson); Executive Compensation in Emerging Markets: Theoretical Developments and Empirical Evidence (Yongli Luo); Placing Stakeholder Theory within the Debate on Corporate Social Responsibility (Tarek Miloud); Corporate Governance and Corporate Social Responsibility Reporting: Empirical Evidence from Bangladesh (Pallab Kumar Biswas). Readership: Policymakers, professionals, academics, and graduate students in law, economics, management and finance, organizations promoting best governance practices in emerging countries, investors, as well as those interested in corporate governance, corporate finance, and business and management. Key Features: Addresses current issues and cutting-edge trends in corporate governance and corporate social responsibility within economies with emerging markets; Sheds light on how companies adopt and move towards best corporate governance practices, especially in the aftermath of recent crises; Illustrates corporate governance theories with real business cases and assesses the effects of various governance practices on corporate behavior"
Book Synopsis Effect of Ownership, Governance, and Transparency on Liquidity - Chilean Evidence by : Sakthi Mahenthrian
Download or read book Effect of Ownership, Governance, and Transparency on Liquidity - Chilean Evidence written by Sakthi Mahenthrian and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Companies with relatively thin trading, a high concentration of insider ownership, and a privatized pension system characterize Chile's Santiago Stock Exchange. Within this setting, we study the relationship between ownership concentration, corporate governance, and stock market liquidity. Our results suggest that board independence, corporate disclosure and outside monitoring by institutions help moderate the effects that insiders have on trading costs and liquidity. We also find that market makers with inventory reduce the informational component of trading costs. Finally, the trades of insiders provide price guidance to market makers, while traders employ a follow-the-insider strategy when transparency is low.
Book Synopsis Corporate Governance and Liquidity by : Kee H. Chung
Download or read book Corporate Governance and Liquidity written by Kee H. Chung and published by . This book was released on 2009 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the empirical relation between corporate governance and stock market liquidity. We find that firms with better corporate governance have narrower spreads, higher market quality index, smaller price impact of trades, and lower probability of information-based trading. In addition, we show that changes in our liquidity measures are significantly related to changes in the governance index over time. These results suggest that firms may alleviate information-based trading and improve stock market liquidity by adopting corporate governance standards that mitigate informational asymmetries. Our results are remarkably robust to alternative model specifications, across exchanges, and different measures of liquidity.
Book Synopsis Investor Protection and Corporate Governance by : Alberto Chong
Download or read book Investor Protection and Corporate Governance written by Alberto Chong and published by World Bank Publications. This book was released on 2007-06-26 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level the first such data in the region and results from a homogeneous corporate governance questionnaire, the book examines corporate governance characteristics, ownership structures, dividend policies, and performance measures. The book's analysis reveals the very high levels of ownership and voting rights concentrations and monolithic governance structures in the largest samples of Latin American companies up to now, and new data emphasize the importance of specific characteristics of the investor protection regimes in several Latin American countries. By and large, those firms with better governance measures across several dimensions are granted higher valuations and thus lower cost of capital. This title will be useful to researchers, policy makers, government officials, and other professionals involved in corporate governance, economic policy, and business finance, law, and management.
Book Synopsis Market Liquidity by : Thierry Foucault
Download or read book Market Liquidity written by Thierry Foucault and published by Oxford University Press. This book was released on 2023 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The process by which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. This book offers a more accurate and authoritative take on this process. The book starts from the assumption that not everyone is present at all times simultaneously on the market, and that participants have quite diverse information about the security's fundamentals. As a result, the order flow is a complex mix of information and noise, and a consensus price only emerges gradually over time as the trading process evolves and the participants interpret the actions of other traders. Thus, a security's actual transaction price may deviate from its fundamental value, as it would be assessed by a fully informed set of investors. The book takes these deviations seriously, and explains why and how they emerge in the trading process and are eventually eliminated. The authors draw on a vast body of theoretical insights and empirical findings on security price formation that have come to form a well-defined field within financial economics known as "market microstructure." Focusing on liquidity and price discovery, the book analyzes the tension between the two, pointing out that when price-relevant information reaches the market through trading pressure rather than through a public announcement, liquidity may suffer. It also confronts many striking phenomena in securities markets and uses the analytical tools and empirical methods of market microstructure to understand them. These include issues such as why liquidity changes over time and differs across securities, why large trades move prices up or down, and why these price changes are subsequently reversed, and why we observe temporary deviations from asset fair values"--
Book Synopsis Fair Markets and Fair Disclosure by : Adam O. Emmerich
Download or read book Fair Markets and Fair Disclosure written by Adam O. Emmerich and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In March 2011, our law firm (Wachtell, Lipton, Rosen & Katz) formally petitioned the Securities and Exchange Commission to modernize the rules promulgated under Section 13(d) of the Securities Exchange Act of 1934. The petition sought to ensure that the reporting rules would continue to operate in a way broadly consistent with the statute's clear purposes, and that loopholes that have arisen by changing market conditions and practices since the statute's adoption over forty years ago could not continue to be exploited by acquirers, to the detriment of the public markets and security holders. Among other things, the petition proposed that the time to publicly disclose acquisitions of over 5% of a company's stock be reduced from ten days to one business day, given investors' current ability to take advantage of the ten-day reporting window to accumulate positions well above 5% prior to any public disclosure, in contravention of the clear purposes of the statute. In their article The Law and Economics of Blockholder Disclosure, Professors Lucian A. Bebchuk and Robert J. Jackson Jr. challenge the need for any modifications to the ten-day reporting window. Bebchuk and Jackson argue that, given the purported benefits of blockholder accumulations, extensive cost-benefit analysis should be done before Section 13(d)'s reporting rules are modified. We argue that Bebchuk and Jackson offer no sound basis for the cost-benefit analysis they suggest nor any reason to question the need for the modernization of Section 13(d)'s reporting rules proposed in the petition. Specifically, we explain that Bebchuk and Jackson's position follows largely from an erroneous interpretation of the statute's legislative history and that the blockholder interests for which they advocate run directly contrary to Section 13(d)'s underlying purpose - “to alert the marketplace to every large, rapid aggregation or accumulation of securities.” We also discuss how developments in market liquidity and trading - which allow massive volumes of public company shares to be traded in fractions of a second - have made the Section 13(d) reporting regime's ten-day reporting window obsolete, allowing blockholders to contravene the purposes of the statute by accumulating vast, control-implicating positions prior to any disclosure to the market. Finally, we explain how corporate governance developments since the passage of the Williams Act offer no reason to fail to update Section 13(d)'s reporting rules. To the contrary, we note that the blockholder reporting rules in other major capital markets jurisdictions only confirm the need to modernize the Section 13(d) reporting regime to ensure that it once again fully achieves the statute's express purposes.
Book Synopsis Liquidity Spirals, Commonality, Corporate Governance and Crisis by : Ahmad Junaid
Download or read book Liquidity Spirals, Commonality, Corporate Governance and Crisis written by Ahmad Junaid and published by . This book was released on 2014 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study we try to bridge the gap between two strands of literature, first we conduct a thorough investigation about relation between, Market liquidity, funding liquidity and market declines in an emerging market i.e. Brazil. Then we conduct the analysis in the context of differential corporate governance practices and try to find if higher corporate governance practices have an effect on liquidity and how it affects stock liquidity in market declines. We closely follow the methodology used by Hameed et al (2010) and Adrian et al (2011). In the first part of the paper, using the High-Low spread estimator proposed by Corwin et Schultz (2012) as our liquidity proxy, we conduct a time series analysis to estimate the effect of individual returns market returns, and large market declines on liquidity. We further extend our analysis to include funding liquidity, measured by the spread between the commercial paper and the central bank rate, to estimate the effect of market declines when speculators face a funding constraint. In the second part of our analysis we move towards liquidity commonality. We estimate the effect of market wide liquidity movements on individual stock liquidity, and whether this effect is amplified in the context of large market downturns. In the third part of the paper we sort the stocks into three equally weighted portfolios based on differential corporate governance practices. We conduct the above mentioned liquidity analysis to estimate if liquidity of firms with differential corporate governance practices react differently in the times of large market downturns and liquidity spirals.
Book Synopsis Towards New Arrangements for State Ownership in the Middle East and North Africa by : OECD
Download or read book Towards New Arrangements for State Ownership in the Middle East and North Africa written by OECD and published by OECD Publishing. This book was released on 2012-03-05 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication provides insight into the varied and rich experience in SOE reform in the region over the past decade, highlighting reform initiatives undertaken at national and country specific levels.
Book Synopsis Corporate Governance Regimes by : Joseph McCahery
Download or read book Corporate Governance Regimes written by Joseph McCahery and published by Oxford University Press, USA. This book was released on 2002 with total page 728 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides an up-to-the-minute survey of the field of corporate governance, focusing particularly on issues of convergence and diversity. A number of topics are discussed including bankruptcy procedures, initial public offerings, the role of large stakes, comparative corporate governance, and institutional investors.
Book Synopsis Corporate Governance - Quantity Versus Quality - Middle Eastern Perspective by : Saleh Hussain
Download or read book Corporate Governance - Quantity Versus Quality - Middle Eastern Perspective written by Saleh Hussain and published by eBookIt.com. This book was released on 2013-02 with total page 207 pages. Available in PDF, EPUB and Kindle. Book excerpt: The books deal with various issues relating to Corporate Governance "CG" from a Middle Eastern Perspective with emphasis on Quantity Versus Quality. The books covers the following topics: - CG Quantity Versus Quality - CG for Government Companies - CG for Family businesses -Corporate Social Responsibility -CG in Islamic Banking -CG and Democracy -Board Committees -Directors compensation The books gives ways and means to apply best practices in Corporate Governance.
