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Regulation Fd And The Financial Information Environment
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Book Synopsis Regulation Fd and the Financial Information Environment by : Frank Heflin
Download or read book Regulation Fd and the Financial Information Environment written by Frank Heflin and published by . This book was released on 2011 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine whether Regulation FD is associated with changes in the information environment prior to earnings announcements. After implementation of Regulation FD we find (a) lower return volatility around earnings announcements; (b) some improvement in the speed with which pre earnings announcement price converges to its post announcement level; (c) no reliable evidence of change in various aspects of analysts forecast bias, accuracy, and dispersion; and (d) an increase in the quantity of firms' voluntary forward looking disclosures. Overall, we are unable to find a deterioration in the information environment prior to earnings announcements associated with the implementation of Regulation FD.
Book Synopsis Market Adaptation to Regulation Fair Disclosure by : Susana Yu
Download or read book Market Adaptation to Regulation Fair Disclosure written by Susana Yu and published by . This book was released on 2015 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our fundamental research question is in understanding ways in which the financial markets have adapted to Reg FD, and our particular focus is on how market participants use industry information embedded in firms' earnings announcements. We find that announcements of quarterly earnings made by companies that are the first in their industry to report earnings in a given quarter have significant effects on the stock returns of other firms in the same industry as well as on their own stock returns. We then test the implications of these findings for their effects on the information environment. Overall, our empirical findings support the conclusion that the implementation of Reg FD has led to increased use of industry information that is revealed in earnings announcements. This is one way, among others, in which analysts and other market participants have adapted to the requirements of Reg FD. In this case, they have made the adaptation by developing new uses of public information to enhance the informational environment.
Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises Publisher : ISBN 13 : Total Pages :166 pages Book Rating :4.0/5 ( download)
Book Synopsis Fair Disclosure Or Flawed Disclosure by : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
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 166 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Research in Accounting Regulation by : Gary Previts
Download or read book Research in Accounting Regulation written by Gary Previts and published by Elsevier. This book was released on 2006-01-27 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: The scope of service provided by professional accountants is influenced by legislation and case law as well as the dictates of a variety of government and private sector agencies; including State Boards of Accountancy, Academic Accreditation Bodies, the United States Securities and Exchange Commission, the Public Accounting Oversight Board, independent standard setting bodies such as the Federal Accounting Standards Advisory Board [US], the Financial Accounting Standards Board [US] and the International Accounting Standards Board. These entities and self-regulatory organizations such as U.S. State Societies of CPAs and the American Institute of Certified Public Accountants and equivalent and emerging national bodies that exist in most developed and developing countries, are among the emerging entities which attempt to coordinate the activities of professional accountants among sovereign nations. It is important for academics, students, practitioners, regulators and researchers to consider and study the role and relationship of such bodies with the practice and content of our discipline. Research in Accounting Regulation seeks high quality manuscripts which address accounting regulatory policy, broadly defined, including: 1. self regulatory activities 2. case law and litigation 3. legislation and government regulation 4. the economics of regulation of markets, and disclosure, including modeling 5. matters involving the structure of education, licensing, and accreditation The editors encourage submission of original empirical, behavioral or applied research manuscripts which consider strategic and policy implications for regulation, regulatory models and markets. It is intended for individual researchers, practitioners, regulators and students of accountancy who desire to increase their understanding of the regulation of accountancy.
Book Synopsis The Effectiveness of Regulation Fd by : Andreas Gintschel
Download or read book The Effectiveness of Regulation Fd written by Andreas Gintschel and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine whether Regulation FD has reduced the informativeness of analysts' information outputs. For a sample of financial analysts' earnings forecasts and recommendations released in a two-year window around Regulation FD's effective date, we show that in the post-Regulation FD period the absolute price impact of information disseminated by financial analysts is lower by 28%. Furthermore, the drop in price impact varies systematically with brokerage house and stock characteristics related to the level of selective disclosure prior to Regulation FD. Based on the time-series and cross-sectional evidence we conclude that Regulation FD has been effective in curtailing selective disclosure.
Book Synopsis Public Disclosure of Corporate Earnings Forecasts by : Francis A. Lees
Download or read book Public Disclosure of Corporate Earnings Forecasts written by Francis A. Lees and published by . This book was released on 1981 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Promoting Information in the Marketplace for Financial Services by : Paul Latimer
Download or read book Promoting Information in the Marketplace for Financial Services written by Paul Latimer and published by Springer. This book was released on 2016-08-23 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a unique comparative and global analysis of the regulation of disclosure in financial (securities) markets. It is written by two authors who represent both the new world (Australia) and the old world (Germany). The authors present their research in the global business context, with legal and regulatory perspectives including some references from Africa, Asia, the Middle East and South America. After every “boom” and “bust”, legislators pass new disclosure legislation, often in a heated environment fuelled by politics and the media. Little regard is paid to existing regulation or the lessons learned from earlier regulation. The result is the continuing enactment of redundant and overlapping disclosure laws. Since financial markets are often described as markets for information, the failure to ensure disclosure is at the heart of financial services regulation. This book argues that the solution to the failure of disclosure is a brief, easily understood, principles-based, plain English safety-net amendment to statute law such as “you must keep the financial market fully informed”, a measure that would support effective mandatory continuous disclosure of information to financial markets. This book examines the reasons for disclosure regulation, and how the efficient operation of financial markets is dependent on disclosure. It examines the adequacy of common law and civil law concerning broker/client disclosure, and concludes that industry licensing in itself fails to keep the market informed. While recognizing the failures of securities commissions to achieve good disclosure in financial markets, it confirms the effectiveness of coregulation of disclosure by a commission with the support of the financial markets (such as the stock exchange). Coregulation builds on financial market self-regulation, and is best described in the words of one-time SEC Chairman William O. Douglas, who, in the 1930s, described it as a shotgun behind the door.
Book Synopsis Accounting Theory by : Harry I. Wolk
Download or read book Accounting Theory written by Harry I. Wolk and published by SAGE. This book was released on 2008 with total page 697 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents complex materials in a clear and understandable manner. Incorporating the latest accounting standards and presenting the most up-to-date accounting theory from the top academic journals in accounting and finance throughout the world.
Book Synopsis Advances In Quantitative Analysis Of Finance And Accounting (Vol. 5) by : Cheng Few Lee
Download or read book Advances In Quantitative Analysis Of Finance And Accounting (Vol. 5) written by Cheng Few Lee and published by World Scientific. This book was released on 2007-07-27 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: News Professor Cheng-Few Lee ranks #1 based on his publications in the 26 core finance journals, and #163 based on publications in the 7 leading finance journals (Source: Most Prolific Authors in the Finance Literature: 1959-2008 by Jean L Heck and Philip L Cooley (Saint Joseph's University and Trinity University). Advances in Quantitative Analysis of Finance and Accounting is an annual publication designed to disseminate recent developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. Its objective is to promote interaction between academic research in finance and accounting with applied research in the financial community and the accounting profession.The chapters in this volume cover a wide range of pressing topics including security analysis and mutual fund management, option pricing theory and application, interest rate spread, and electricity pricing.
Book Synopsis Understanding Accounting Academic Research by : Stephen R. Moehrle
Download or read book Understanding Accounting Academic Research written by Stephen R. Moehrle and published by Emerald Group Publishing. This book was released on 2013-06-25 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accounting scandals such as Enron and WorldCom ushered in several regulatory overhauls including Sarbanes-Oxley. This monograph summarizes and synthesize a decade of academic research to develop an evolving dominant explanation around these myriad changes.
Book Synopsis Advances in Quantitative Analysis of Finance and Accounting (New Series，2012) Vol．10 by : Cheng F. Lee
Download or read book Advances in Quantitative Analysis of Finance and Accounting (New Series，2012) Vol．10 written by Cheng F. Lee and published by Center for PBBEFR & Airiti Press. This book was released on 2012-12-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Quantitative Analysis of Finance and Accounting (New Series) is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and the accounting profession.
Book Synopsis Advances in Financial Planning and Forecasting by : Cheng-Few Lee
Download or read book Advances in Financial Planning and Forecasting written by Cheng-Few Lee and published by Center for PBBEFR & Airiti Press. This book was released on 2008-12-01 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Quantitative Analysis of Finance and Accounting (New Series) is an annual publication designed to disseminate developments in the quantitative analysis of finance and accounting. The publication is a forum for statistical and quantitative analyses of issues in finance and accounting as well as applications of quantitative methods to problems in financial management, financial accounting, and business management. The objective is to promote interaction between academic research in finance and accounting and applied research in the financial community and the accounting profession. The papers in this volume cover a wide range of topics including corporate finance and debt management, earnings management, equity market, auditing, option pricing theory, and interest rate theory. In this volume there are eleven chapters, five of them are corporate finance and debt management: 1. Liquidity and Adverse Selection: Evidence from the Five-or-Fewer Rule Change; 2. Changing Business Environment and the Value of Relevance of Accounting Information; 3. Pricing Risky Securities in Hidden Markov-Modulated Poisson Processes; 4. An Empirical Assessment of Alternative Dividend Expectation Models; 5. Quantitative Market Risk Disclosure, Bond Default Risk and The Cost of Debt: Why Value At Risk? There are two of the other six chapters which cover interest rate theory: 1. Positive Interest Rates and Yields: Additional Serious Considerations; 2. Collapse of Dimensionality in the Interest Rate Term Structure. The remaining four chapters cover financial analysts earnings forecasts, equity market, auditing, and option pricing theory. These four papers are: 1. Investors’ Apparent Under-weighting of Financial Analysts’ Earnings Forecasts: The Role of Share Price Scaling and Omitted Risk Factors; 2. Predicting Stock Price by Applying the Residual Income Model and Bayesian Statistics; 3. Intertemporal Associations Between Non-Audit Services and Auditors’ Tendency to Allow Discretionary Accruals; 4. Put Option Portfolio Insurance vs. Asset Allocation.
Book Synopsis Research Handbook on Insider Trading by : Stephen M. Bainbridge
Download or read book Research Handbook on Insider Trading written by Stephen M. Bainbridge and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt: In most capital markets, insider trading is the most common violation of securities law. It is also the most well known, inspiring countless movie plots and attracting scholars with a broad range of backgrounds and interests, from pure legal doctrine to empirical analysis to complex economic theory. This volume brings together original cutting-edge research in these and other areas written by leading experts in insider trading law and economics. The Handbook begins with a section devoted to legal issues surrounding the USÕs ban on insider trading, which is one of the oldest and most energetically enforced in the world. Using this section as a foundation, contributors go on to discuss several specific court cases as well as important developments in empirical research on the subject. The Handbook concludes with a section devoted to international perspectives, providing insight into insider trading laws in China, Japan, Australia, New Zealand, the United Kingdom and the European Union. This timely and comprehensive volume will appeal to students and professors of law and economics, as well as scholars, researchers and practitioners with an interest in insider trading.
Book Synopsis The Governance of Risk by : Guler Aras
Download or read book The Governance of Risk written by Guler Aras and published by Emerald Group Publishing. This book was released on 2013-04-16 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Governance of Risk
Book Synopsis Life Under Regulation FD by : Jared L. Kopel
Download or read book Life Under Regulation FD written by Jared L. Kopel and published by . This book was released on 2001 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Advances in Accounting by : Philip M J Reckers
Download or read book Advances in Accounting written by Philip M J Reckers and published by Elsevier. This book was released on 2005-06-02 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now in its twenty-first edition, Advances in Accounting continues to provide an important forum for discourse among and between academic and practicing accountants on issues of significance to the future of the discipline. Emphasis continues to be placed on original commentary, critical analysis and creative research - research that promises to substantively advance our understanding of financial markets, behavioral phenomenon and regulatory policy. Technology and aggressive global competition have propelled tremendous changes over the two decades since AIA was founded. A wide array of unsolved questions continues to plague a profession under fire in the aftermath of one financial debacle after another and grabbling with the advent of international accounting standards. This volume of Advances in Accounting not surprisingly includes articles reflective of recent focus on corporate governance, earnings management and the influence of the CEO, the accuracy of earnings forecasts and the value relevance or voluntary and mandated disclosures. This volume also looks at challenges facing the academic community with respect to technology and addresses pedagogical advances holding promise. AIA continues its commitment to the global arena by publishing research with an international perspective in the International Section inaugurated in Volume 20. As never before the accounting profession is seeking ways to reinvent itself and recapture relevance and credibility. AIA likewise continues to champion forward thinking research.
Book Synopsis Effective Company Disclosure in the Digital Age by : Gill North
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 524 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.
