Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Essays On Capital Markets And Corporate Disclosure
Download Essays On Capital Markets And Corporate Disclosure full books in PDF, epub, and Kindle. Read online Essays On Capital Markets And Corporate Disclosure ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Essays on Capital Markets and Corporate Disclosure by : Danil A. Borilo
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.
Book Synopsis Essays on Corporate Disclosure, Governance, and Capital Markets by : Zhao Wang
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:
Book Synopsis The Interrelation of Corporate Disclosure and Capital Markets by : Christian W. Kretzmann
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:
Book Synopsis Essays on Financial Reporting, Corporate Disclosure, and Capital Markets by : Moritz Bassemir
Download or read book Essays on Financial Reporting, Corporate Disclosure, and Capital Markets written by Moritz Bassemir and published by . This book was released on 2011 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Contemporary Topics in Capital Markets Research by : Sandra Grabriele Schafhäutle
Download or read book Essays on Contemporary Topics in Capital Markets Research written by Sandra Grabriele Schafhäutle and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Accounting and Equity Markets by : Philip Ronald Brown
Download or read book Financial Accounting and Equity Markets written by Philip Ronald Brown and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Philip Brown is one of the most admired and respected accounting academics alive today. He was a pioneer in capital markets research in accounting, and his 1968 article, co-authored with Ray Ball, "An Empirical Evaluation of Accounting Income Numbers," arguably had a greater impact on the course of accounting research, directly and indirectly, than any other article during the second half of the twentieth century. Since that time, his innovative research has focused on issues that bridge accounting and finance, including the relationships between net profit reports and the stock market, the long-run performance of acquiring firms, statutory sanctions and voluntary corporate disclosure, and the politics and future of national accounting standards to name a few. This volume brings together the greatest hits of Brown's career, including several articles that were published in out-of-the-way places, for easier use by students and researchers in the field. With a foreword written by Stephen A. Zeff, and an introduction that discusses the evolution of Brown's research interests and explains the context for each of the essays included in the volume, this book offers the reader a unique look inside this remarkable 50-year career.
Book Synopsis Financial Accounting and Equity Markets by : Philip Brown
Download or read book Financial Accounting and Equity Markets written by Philip Brown and published by Routledge. This book was released on 2013-06-19 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt: Philip Brown is one of the most admired and respected accounting academics alive today. He was a pioneer in capital markets research in accounting, and his 1968 article, co-authored with Ray Ball, "An Empirical Evaluation of Accounting Income Numbers," arguably had a greater impact on the course of accounting research, directly and indirectly, than any other article during the second half of the twentieth century. Since that time, his innovative research has focused on issues that bridge accounting and finance, including the relationships between net profit reports and the stock market, the long-run performance of acquiring firms, statutory sanctions and voluntary corporate disclosure, and the politics and future of national accounting standards to name a few. This volume brings together the greatest hits of Brown’s career, including several articles that were published in out-of-the-way places, for easier use by students and researchers in the field. With a foreword written by Stephen A. Zeff, and an introduction that discusses the evolution of Brown’s research interests and explains the context for each of the essays included in the volume, this book offers the reader a unique look inside this remarkable 50-year career.
Book Synopsis Essays on Corporate Finance and Disclosure by : Brian Gibbons
Download or read book Essays on Corporate Finance and Disclosure written by Brian Gibbons and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains three essays. In the first essay, I document that disclosure of financially immaterial environmental and social (E&S) information has material effects on firms' investment and financing decisions using the staggered introduction of 87 country-level regulations that mandate firms report such information. Firms domiciled in countries that mandate E&S transparency increase R&D expenditures and patenting activity after disclosing. Transparent non-financial disclosure reduces financing frictions, resulting in more innovation for equity-dependent firms and increased reliance on external equity. It also improves shareholders' contracting and monitoring abilities, incentivizing managers to invest in innovation. Fixed capital investment, which is less sensitive to information frictions, does not change following E&S disclosure. Additionally, I only observe changes to investment and financing decisions when E&S disclosure is mandatory--highlighting the unique value of consistent and comparable disclosure. In the second essay, I study venture capital firms (VCs) use of public market information and how attention to this information relates to their private market investment outcomes. I link web traffic to public disclosure filings hosted on the Security and Exchange Commission's (SEC's) EDGAR server to individual VCs. VCs analyze public information before most deals. An increase in EDGAR filing views relates positively to the probability of an exit through acquisition, suggesting that public information helps identify paths to acquisition. The effect is stronger when the VC has less access to private information. I conclude that policymakers should consider spillover effects on private markets when setting public disclosure requirements. In the third essay, we identify analysts' information acquisition patterns by linking EDGAR server activity to analysts' brokerage houses. Analysts rely on EDGAR in 24% of their estimate updates, with an average of eight filings viewed. We document that analysts' attention to public disclosure is driven by the demand for information and the analysts' incentives and career concerns. We find that information acquisition via EDGAR is associated with a significant reduction in analysts' forecasting error relative to their peers. This relationship is likewise present when we focus on the intensity of analyst research. Attention to public information further enables analysts to provide forecasts for more time periods and more financial metrics. Informed recommendation updates are associated with substantial and persistent abnormal returns, even when the analyst accesses historical filings. Analysts' use of EDGAR is associated with longer and more informative analyses within recommendation reports.
Book Synopsis Essays on Corporate Financial Decisions and Capital Markets by : Laura Sophie Henning
Download or read book Essays on Corporate Financial Decisions and Capital Markets written by Laura Sophie Henning and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis empirically investigates three corporate financial research questions. Chapter 1 analyzes whether shareholder votes on mergers and acquisitions in both target and acquirer firms relate to the announcement day abnormal returns and whether the voting outcome has implications for the short- and long-run merger performance. We find that both abnormal returns upon merger announcement and recommendations by the proxy advisor Institutional Shareholder Services (ISS) are negatively related to shareholder voting dissent. The former relationship is stronger for target firms and only borderline significant for acquirer firms. Overall, shareholders seem to take both advisor opinions and market beliefs into account when taking their voting decision. We also find that voting dissent is strongly positively related to cumulative abnormal returns on the meeting date. The observed relationship holds only for mergers with a long negotiation period suggesting that in these mergers a higher fraction of residual uncertainty is resolved upon a "pass" vote. Furthermore, we find that voting dissent is negatively related to long-run abnormal merger performance suggesting a predictive power of merger votes. Chapter 2 investigates whether firms change their news disclosure behavior when experiencing an exogenous negative shock to their stock price. We use mutual fund flow-induced selling pressure to measure exogenous undervaluation and classify news as positive and negative based on a textual analysis. Our results show a robust negative relationship between mutual fund flow-induced selling pressure and the volume of negative news and a positive relationship between selling pressure and the volume of positive news. Thus, management appears to be aware of undervaluation resulting from an exogenous shock and responds by delaying the release of bad news while seeking the publication of good news. This link between selling pressure and news release.
Book Synopsis Essays on Capital Markets by : Jeffrey Allen Wurgler
Download or read book Essays on Capital Markets written by Jeffrey Allen Wurgler and published by . This book was released on 1999 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Capital Markets by : Filippo Taddei
Download or read book Essays on Capital Markets written by Filippo Taddei and published by . This book was released on 2005 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis U.S. Corporate Governance by : Donald H. Chew
Download or read book U.S. Corporate Governance written by Donald H. Chew and published by Columbia University Press. This book was released on 2009-08-25 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance constitutes the internal and external institutions, markets, policies, and processes designed to help companies maximize their efficiency and value. In this collection of classic and current articles from the Journal of Applied Corporate Finance, thought leaders such as Michael Jensen and Robert Monks discuss the corporate mission of value maximization and the accomplishments and limitations of the U.S. governance system in achieving that end. Essays address the elements driving corporate value: the board of directors, compensation for CEOs and other employees, incentives and organizational structure, external ownership and control, role of markets, and financial reporting. They evaluate best practice methods, challenges in designing equity plans, transferable stock options, the controversy over executive compensation, the values of decentralization, identifying and attracting the "right" investors, the evolution of shareholder activism, creating value through mergers and acquisitions, and the benefits of just saying no to Wall Street's "earnings game." Grounded in solid research and practice, U.S. Corporate Governance is a crucial companion for navigating the world of modern finance.
Book Synopsis Three Essays on Capital Market with Incomplete and Asymmetric Information by : Chaoli Guo
Download or read book Three Essays on Capital Market with Incomplete and Asymmetric Information written by Chaoli Guo and published by Open Dissertation Press. This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Three Essays on Capital Market With Incomplete and Asymmetric Information" by Chaoli, Guo, 郭朝莉, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: This thesis includes one essay on incomplete information and two essays on the capital market implications of asymmetric information. The acquisition of information and its dissemination to all economic units are central activities in capital markets. Limits to information diffusion may exist when market participants have limited processing ability or when market structure causes information asymmetry to persist. Merton (1987) proposes a simple capital market equilibrium model with incomplete information, in which difference in a stock's investor recognition affects its cost of capital. Myers and Majluf (1984) lay out the theoretical foundation for the role of asymmetric information in corporate finance and its capital market implications. The first essay tests and offers support to Merton's (1987) theory. In the U.S. market, using the breadth of ownership among retail investors as a proxy for investor recognition, I show that a long-short portfolio based on the annual change of shareholder base earns a compounded annual abnormal return of 6.42% after controlling for the Fama-French three factors. These results are more pronounced among young, low visibility and high idiosyncratic volatility stocks. Moreover, I present evidence that the investor recognition effect can explain approximately 20% of the puzzling net equity issuance effect documented by Pontiff and Woodgate (2008). The second essay suggests a novel signaling mechanism in the framework of asymmetric information. When a firm's convertible debt is issued, it is not only determined by the fundamentals of the firm such as past stock performance, but also related to whether this performance is realized during the tenure of current CEO who decides the issues. I define the performance that the current CEO achieves in the firm ever since the CEO comes to the helm as CEO-specific performance. Higher CEOspecific performance leads to (1) a higher probability of convertible issues, and (2) a less negative abnormal stock return in response to the convertible issue announcement, controlling for other firm characteristics. These evidences indicate that CEO-specific performance serves as a credible information signal to influence the adverse selection costs between the firm and outside investors in convertible bond financing. The third essay explores the possibility of asymmetric information in explaining the pronounced share issue anomaly in the cross-sectional variations of stock returns, as documented by Pontiff and Woodgate (2008). A lot of equity share issue and repurchase actions are actively determined by the decision of corporate stakeholders, such as employees at the stock options exercises. As these stakeholders hold a large amount of private information about the firm, it is in their optimal decisions to try to time the exercise of their share purchase activity, but outside investors are likely to fail to interpret the information revealed from these actions. I present strong evidence that a negative relation between share issues and stock returns is affected to a greater extent when the information asymmetry problem is more severe. DOI: 10.5353/
Book Synopsis Three Essays on Capital Markets and Information Economics by : Asís Martínez-Jerez
Download or read book Three Essays on Capital Markets and Information Economics written by Asís Martínez-Jerez and published by . This book was released on 2002 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Krep's "three Essays on Capital Markets" Almost Ten Years Later by : Ramon Marimon
Download or read book Krep's "three Essays on Capital Markets" Almost Ten Years Later written by Ramon Marimon and published by . This book was released on 1987 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Capital Markets Research in Accounting by :
Download or read book Essays on Capital Markets Research in Accounting written by and published by . This book was released on 2005 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis 2 ESSAYS ON CAPITAL MARKETS by : Yao Huang
Download or read book 2 ESSAYS ON CAPITAL MARKETS written by Yao Huang and published by Open Dissertation Press. This book was released on 2017-01-24 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Two Essays on Capital Markets" by Yao, Huang, 黄垚, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. DOI: 10.5353/th_b4489314 Subjects: Going public (Securities) Conglomerate corporations - Finance
