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Author : Petya Platikanova
Publisher :
ISBN 13 : 9788469327333
Total Pages : 123 pages
Book Rating : 4.3/5 (273 download)
Download or read book Essay on the Value of Accounting Disclosure on Capital Markets written by Petya Platikanova and published by . This book was released on 2009 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Danil A. Borilo
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (951 download)
Download or read book Essays on Capital Markets and Corporate Disclosure written by Danil A. Borilo and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis studies how a firm's disclosure decisions are affected by the interaction between prevailing financial reporting regulation and managerial incentives. Chapter 1 summarizes studies related to this thesis. I focus on rules that require a firm to issue regular financial statements. As a result, the release of some information about a firm's performance and financial condition is inevitable. However, since financial statements do not fully reflect all value-relevant information, a firm's manager can still affect the interpretation of this information via voluntary disclosure. In Chapter 2, I study how reputational concerns of a firm's manager affect her voluntary disclosure decisions. I show that interpretation of both the firm's report and voluntarily disclosed information depend on the timing of the disclosure relative to disclosures made by other firms in the same industry. In Chapter 3, I consider the case when private information of the firm's manager cannot be credibly communicated to outside investors and a mandatory financial report is the only available information channel about firm value. As a result, the noisiness of a financial report will lead investors to overvalue some firms and undervalue others. I show that allowing for misreporting can increase social welfare if a firm must rely on external capital in order to finance its investment opportunities. Overall, my results emphasize the importance of taking into account strategic disclosure decisions of managers for regulators, investors, and analysts.
Author : Saskia Jarick
Publisher : GRIN Verlag
ISBN 13 : 3640956222
Total Pages : 42 pages
Book Rating : 4.6/5 (49 download)
Download or read book The Impact of Corporate Textutal Disclosure on Capital Markets written by Saskia Jarick and published by GRIN Verlag. This book was released on 2011-07-12 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2011 in the subject Business economics - Accounting and Taxes, grade: 1.3, University of Mannheim, language: English, abstract: Each year, firms disclose information that is analyzed and eventually reflected in the market price. Sources of information are for example annual reports, earnings announcements and press releases. In the past, financial accounting research focused primarily on the numerical financial information disclosed (cf. Hales et al. 2011, 224).1 Interestingly, research showed that asset price movements could only partly be explained by this quantitative information and thus must have additional influencing factors (cf. Demers/Vega 2010, 2). Since corporate disclosure generally consists only to a small fraction of qualitative data and dominantly of textual information (cf. Li 2011, 1)2, and since language is the natural medium through which people communicate, financial accounting research started to focus on the analysis of textual disclosure (cf. Hales et al. 2011, 224). Results of these studies show that different aspects of textual disclosure, like the tone (how information is written/expressed) or the readability can influence for example market prices or analyst behavior (e.g. Li 2010 or Tetlock/Saar-Tsechansky/Macskassy 2008). This paper focuses on research in the field of tone as important characteristic of corporate textual disclosure. Its aim is to provide an overview about the most recent approaches and about challenges that researchers face. The remainder of this paper proceeds as follows. In section 2 the importance of textual analysis and the information content of textual information are discussed. Furthermore this section provides an overview about different approaches to characterize textual disclosure and a tabular classification of the recent literature. Since this paper focuses on the tone of textual disclosure, different approaches to measure tone are discussed as well. In section 3 two recent studies are discussed and section 4 concludes with a summary of the main results of this paper and gives suggestions for future research.
Author : Christian W. Kretzmann
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (952 download)
Download or read book The Interrelation of Corporate Disclosure and Capital Markets written by Christian W. Kretzmann and published by . This book was released on 2016 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 : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher :
ISBN 13 :
Total Pages : 182 pages
Book Rating : 4.F/5 ( download)
Download or read book Fair Disclosure Or Flawed Disclosure written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2001 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : United States. General Accounting Office
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (31 download)
Download or read book Market Value Accounting written by United States. General Accounting Office and published by . This book was released on 1992 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Cheng Zeng
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (824 download)
Download or read book Three Essays in Chinese Accounting written by Cheng Zeng and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis, I examine financial reporting issues in the Chinese context, with a particular focus on the effect of political forces. The thesis consists of three essays. In the first essay, I examine whether the earnings properties and share price anticipation of earnings of Chinese firms changed following the mandatory adoption of Chinese IFRS in 2007. Using a set of IFRS "early adopters" as a control group, I find that the earnings persistence and other measures of earnings properties, among the treatment group of firms adopting Chinese IFRS in 2007, do not change significantly. However, I do find that share price anticipation of earnings improves for the treatment group relative to the control group, consistent with the improved transparency associated with Chinese IFRS adoption making it easier for investors to forecast future earnings. Particularly, I find that the improvement in the share price anticipation of earnings is confined to firms that are not state controlled or subsidized, and so largely rely on capital markets to supply most of their financial needs. In the second essay, I examine the value relevance of government subsidies for Chinese listed companies. My exploration of the valuation consequences of state support is structured around three questions. First, are the government subsidies received by Chinese listed companies value relevant? Second, does the value relevance of government subsidies depend on the purpose for which the subsidies are used? Third, does the value relevance of government subsidies depend on the channel through which the subsidies are granted? I motivate these research questions through interviews of accountants, managers, academics and government officials. Through large sample analyses, I confirm that subsidies are positively related to firm value, but less so for distressed firms and subsidies granted through non-tax channels. My study contributes to the understanding of a Chinese-style capitalism that is driving China towards becoming the largest economy in the World. In the third and final essay, I examine whether state subsidies influence the voluntary corporate social responsibility (CSR) disclosures of Chinese listed firms. Focusing on Chinese manufacturing industries for the period 2006-2009, I find that a well established model of CSR disclosures that was designed for Western companies produces similar results in China. I then go on to exploit the additional unique institutional features of China that have material implications for disclosure choice over and above the variables that commonly figure in Western models. In particular, I focus on the influence of state subsidies on the CSR disclosure choices of Chinese firms, taking care to distinguish between state-owned enterprises (SOEs) and non-state owned enterprises (NSOEs). I find that state subsidies do (do not) significantly affect the CSR disclosure choices of NSOEs (SOEs). I also find a significant difference between the influence of tax-based subsidies and non-tax based subsidies on NSOEs. My findings are consistent with the political cost hypothesis that firms receiving state subsidies, especially those not under state control, are pressured to disclose CSR activities due to political cost concerns associated with public demand as well as government scrutiny.
Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities
Publisher :
ISBN 13 :
Total Pages : 452 pages
Book Rating : 4.0/5 ( download)
Download or read book Derivatives Disclosure and Accounting written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and published by . This book was released on 1998 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Reka Goch
Publisher : GRIN Verlag
ISBN 13 : 3638475263
Total Pages : 31 pages
Book Rating : 4.6/5 (384 download)
Download or read book The Trend towards Corporate Voluntary Disclosures written by Reka Goch and published by GRIN Verlag. This book was released on 2006-03-03 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (undergraduate) from the year 2005 in the subject Business economics - Controlling, grade: 2,0, Schmalkalden University of Applied Sciences, language: English, abstract: Introduction Recent scandals, like the Enron Bankruptcy, undermined the investors trust in the information given by the corporations. Enron, one of the biggest consolidated group in the US and in the world, became famous all over the world by the surprisingly bankruptcy in December of 2001. Even a few weeks before the petition of bankruptcy analyst recommended to buy Enron stock and thousands of investors lost their savings or their pension backups. By creative balancing Enron succeeded to take advantage of gaps in the Generally Accepted Accounting Principles (GAAP). Financial data in the annual business report was manipulated so that investors who relied on this information made wrong investment decisions. Likewise investors and analyst trusted in the confirmation of the accounting firm Arthur Andersen & Partner which was authorized to prove the correct balancing of Enron. The Enron Bankruptcy is just one example, many bankruptcies like the ones of Sunbeam, Waste Management or Global Crossing had followed yet. “Creative balancing” gained currency among other listed corporations and the value and the profitability of blue chips were overvalued. Scandals like this emphasize the importance of the given information for the entire stakeholders, critically the investment community, because they have a deep impact on the investment decisions. Corporations are more and more forced to offer corporate voluntary disclosures which fulfill the “call for evidence of activities” (cf. Pricewaterhouse- Coopers, 2000b, p. 1) made by the business environment and to regain public trust. Additionally, the globalization of markets has a strong influence on the corporations’ orientation. More and more corporations become international and listed. Thus, the competition on capital market increases and the constant need for capital requires a better explanation on the business performance. To help investors with their capital allocation decisions, corporations have to provide a more reliable, relevant, and useful information on a voluntary basis. In general, investors should get a better understanding of the corporation by more transparency. So, the traditional reporting in a vast number of corporations, based on financial data, is added by voluntary disclosures with the hope to hasten the process of the stock markets recognition of their corporate value. ...
Author : Zhao Wang
Publisher :
ISBN 13 :
Total Pages : 310 pages
Book Rating : 4.:/5 (111 download)
Download or read book Essays on Corporate Disclosure, Governance, and Capital Markets written by Zhao Wang and published by . This book was released on 2019 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mirko S. Heinle
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (724 download)
Download or read book Essays on Accounting Disclosure and the Use of Stock Price in Incentive Contracts written by Mirko S. Heinle and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mohamed Elbannan
Publisher : LAP Lambert Academic Publishing
ISBN 13 : 9783659156199
Total Pages : 92 pages
Book Rating : 4.1/5 (561 download)
Download or read book The Value of Disclosure written by Mohamed Elbannan and published by LAP Lambert Academic Publishing. This book was released on 2012-06 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the aftermath of financial markets meltdown and the forces reshaping the role of accountants and auditors, this book provides insights on the effects of increased disclosure in an emerging market. Straightforward disclosure by economic units proves vital to the long-term well being of firms. Capital market participants are made up of multiple group with, oftentimes conflicting, objectives. Stockholders want to see maximum returns commensurate to the level of risk embodied by the firm, and they are willing to accept additional risk if it meant additional return to compensate. Creditors want firms to stir away from decisions that will increase risk but not return to this group. Regulators are interested in stability and growth. Balancing out these objectives may prove to be difficult, but financial disclosures are meant to guide firms towards safe harbors. In this monograph, we explore how financial disclosures provides value through guiding these conflicting decision making processes.
Author : Peter J. Wallison
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Corporate Disclosure in the Internet Age written by Peter J. Wallison and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Put aside the wild daily swings in the market for a moment and concentrate on this key fact: the ratio of market values to book values of S&P 500 companies has ascended from one-to-one in the late 1970s to six-to-one today. For some, this reflects excessive speculation, an unsustainable bubble. But a better explanation may be that during this period the source of value creation in our economy moved from tangible to intangible assets, from hardware to software-literally, from bricks and mortar to brains. A transition this significant requires big changes in the legal and regulatory framework in which the economy functions. Significant modernization has occurred in the frameworks applicable to financial services and telecommunications. Yet, suprisingly, as the information age has advanced and balance sheets have become less relevant as measure of true value, there has been relatively little change in the regulatory requirements for disclosure, including the contents of the financial statements that form the heart of our corporate disclosure system. The growing gap between balance sheet and market values tells us that we will need something different in the future, as more and more companies earn their profits from intangible assets. Failure to properly value intangibles can result in distorted valuation, volatility and, perhaps, a bubble. So what is to be done? First, the existing model for financial disclosure must be updated so that it does a better job of reflecting the value of the intangibles that are the core assets of the information economy. Investors will be best served if all assets -tangible and intangible-are measured and reported, even if the value of some intangibles can only be communicated through indicators. Such an indicator could consist of a company's product returns, for example. In addition, financial reporting must be forward-looking, describing not only historical cost, but providing as accurate a snapshot as possible of an organization's current operations and likely future prospects. In part, this can be done through business releasing non-financial data that can be analyzed against the data of competitors and industry benchmarks. To achieve these objectives, a number of prominent analysts and accounting theorists have suggested that companies supplement their current financial reports with databases, accessible through the internet, These would contain more finely grained components of the current asset, liability and expense categories than the information aggregated in conventional quarterly and annual reports. Other useful data elements would include indicators from which the status of such intangibles as customer loyalty and employee satisfaction might be derived. The number of times a customer makes purchases of a household item from a particular company is a clear example. Work is already under way in many industries to settle only the precise definitions of various data elements that would be used for electronic data interchange, This work uses a new data processing language known as extensible markup language (XML) that permits the tagging of the multiplicity of data elements that are part of the movement of goods in a supply chain. The tags allow software applications of various kinds to dip into this pool of data and extract the information necessary for carrying on business transactions in t a common language. When applied to financial information, it would permit more rapid and thorough analysis and benchmarking, Most important, it would permit assessments of company prospects to become user-driven, rather than issue-driven. But a framework is clearly necessary to achieve this. We need a reliable model encouraged by regulators but user and market-driven, and developed by analysts, corporate financial officers and the accounting profession. As new approaches to disclosure take hold-such as the recent and unconventional release of customer acquisition costs by Amazon.com-the role of accountants will change. Instead of certifying financial statements, accountants may work on defining data elements providing assurance for the reliability of company data disclosures. In addition, as US and international accounting standard converge, accountants may acquire responsibility for reporting on the reliability of indicators used to measure the intangible assets-such as those that increasingly represent the core value of may companies. The US economy continues to spawn innovative companies and new ideas. It would be ironic if the capital markets, which supply the necessary financing for innovation and change, were unable to benefit from the vast improvements in information use that the internet has made possible.
Author : Pingyang Gao
Publisher :
ISBN 13 :
Total Pages : 105 pages
Book Rating : 4.:/5 (35 download)
Download or read book Accounting Disclosure in Capital Market written by Pingyang Gao and published by . This book was released on 2008 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Xiaoyan May Bao
Publisher :
ISBN 13 : 9781303312342
Total Pages : 94 pages
Book Rating : 4.3/5 (123 download)
Download or read book Two Essays on Fair Value Accounting written by Xiaoyan May Bao and published by . This book was released on 2013 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior research has focused on the impact of fair value accounting on equity markets. The impact of fair value accounting on debt maturity structure and credit risk has not been addressed in the literature. In essay one I investigate how the increased influence of the balance sheet approach on accounting standards is associated with the maturity structure for the most affected companies as indicated by the volatility ratio found in Demerjian (2011). I find that the balance sheet approach is associated with a higher portion of short-term maturity debt in a debt maturity sample, suggesting that short-term maturity debt is used to control the agency cost of debt arising from the balance sheet focus for the sample period from 1988 to 2012. These findings imply that the balance sheet approach, as one of the most significant trends in accounting standards, plays an important role in determining the maturity structure of debt, which is one of key elements of corporate financial policy. In essay two I examine the impact of fair value accounting on credit risk with the focus on Level 3 assets to investigate whether the disclosure of Level 3 assets provides useful information to debt markets. The characteristics that distinguish Level 3 assets from Level 1 assets and Level 2 assets are Level 3 assets' lack of an active market, either directly or indirectly, and the Level 3 assets more subject to management's manipulations. I find that higher amounts of Level 3 assets are associated with lower credit ratings. In addition, I find that larger amounts of Level 3 assets are associated with larger bond spreads for firms near a credit upgrade or downgrade. These findings have important implications because they indicate that fair value measurements may be useful to market participants in debt markets. Before the implementations of fair value measurements, the measurements of assets without active markets (Level 3 assets) have not been observable and so have been treated similarly to other components of assets that reduce the cost of debt at an aggregate level. This contributes to the debt valuation literature by providing evidence that market participants in debt markets distinguish assets without active markets (Level 3 assets) from the other components of assets once the measurements for Level 3 assets become observable.
Author : Ling Tuo
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (971 download)
Download or read book Three Essays on the Voluntary Disclosure and Managerial Incentive written by Ling Tuo and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The importance of an effective corporate communication with all stakeholders including shareholders has been extensively debated in the business literature in the aftermath of 2007-2009 global financial crisis. The key indicator of business value have shifted from accounting profits and stock market performance, formerly, to firm reputation and sustainability performance, currently. Therefore, the transparency and value-relevance of conventional financial reporting has been questioned in terms of its capability to satisfy increasing information needs of all stakeholders. Many doubt whether those traditional financial metrics derived from financial statements can appropriately capture firm & rsquo;s long-term value creation ability. In recent years, users of corporate reports are demanding more relevant financial and non-financial on key performance indicators and forward looking information above and beyond conventional financial statements. To satisfy the demands of information users and decision makers, companies are expected to not only increase their reporting transparency in conventional financial statements but also disclose more inside information to outside public through different types of voluntary disclosure. The first dissertation investigates the role of sustainability report through examining the associations among voluntary disclosure, earnings quality and audit fee. Recently more and more firms begin to release sustainability reports, one important channel of voluntary disclosure, to satisfy the needs of information users and increase the transparency of financial reporting. In this paper, I especially examine the effect of voluntary disclosure quality on those associations. Through Difference-in-Difference test, I find that the release of sustainability report is positively correlated with innate earnings quality and negatively correlated with discretionary earnings quality. Moreover, the positive (negative) correlation between sustainability report and innate (discretionary) earnings quality is more (less) pronounced when the voluntary disclosure quality is high. I also find that the release of sustainability report is associated with higher audit fees and thus it suggests that the sustainability report cannot substitute the traditional financial statement. My conclusions are robust through additional tests of OLS regressions. This paper has important political, academic and industry application. The second dissertation investigates how the firm & rsquo;s cost stickiness strategy is associated with the firm & rsquo;s management earnings forecast (MEF). I conjecture that the managerial incentive regarding the cost strategy and voluntary disclosure strategy are interdependent. When managers choose their cost management, they will also choose the corresponding management earnings forecast strategy to align their interests. Through the empirical tests with a sample between year 2005 and 2011, I find that the firm & rsquo;s level of sticky cost is positively associated with the firm & rsquo;s propensity to issue MEF and the frequency of MEF. Moreover, I find that the firm & rsquo;s level of sticky cost is associated with more good earnings news forecasted by managers. Finally, I find that the relation between cost stickiness and MEF behaviors is more pronounced when the MEF is long-horizon oriented and when the firm efficiency is high. My research builds a link between financial accounting information and managerial accounting information, and also provides new evidence to understand the managerial incentives behind each strategy chosen by managers. This third dissertation investigates how industry peer firms tend to influence the specific firm & rsquo;s voluntary disclosure strategy. Through examining the empirical example of management earnings forecast between 2005 and 2011 and implementing the 2SLS regressions, I find that the specific firm & rsquo;s disclosure frequency, disclosure horizon and the disclosure of bad news are significantly influenced by its peers firms & rsquo; disclosure behaviors. Specifically, the increase in the peers & rsquo; disclosure frequency, disclosure horizon and disclosure of bad news tend to encourage the specific firm to increase its disclosure frequency, disclosure horizon and disclosure of bad news. Moreover, certain firms (such as firms with S & P credit rating, higher profit, larger size or higher market-to-book ratio) tend to be more sensitive to their peer firms & rsquo; voluntary disclosure strategy. Finally, I find that the specific leader-follower relation doesn & rsquo;t exist in the peer effects of disclosure strategy and thus the signaling theory, litigation risk and CEO reputation are more major reasons than herding theory and free rider theory in explaining this phenomenon.
