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Author : Henry Perrin Garsombke
Publisher :
ISBN 13 :
Total Pages : 428 pages
Book Rating : 4.:/5 ( download)
Download or read book The Relationship Between Corporate Disclosure and Risk written by Henry Perrin Garsombke and published by . This book was released on 1976 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Henry Perrin Garsombke
Publisher :
ISBN 13 :
Total Pages : 384 pages
Book Rating : 4.:/5 (869 download)
Download or read book The Relationship Between Corporate Disclosure and Risk written by Henry Perrin Garsombke and published by . This book was released on 1982 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Markus Bäder
Publisher : GRIN Verlag
ISBN 13 : 3668225885
Total Pages : 72 pages
Book Rating : 4.6/5 (682 download)
Download or read book Effects of Corporate Disclosure on a Firm’s Cost of Capital written by Markus Bäder and published by GRIN Verlag. This book was released on 2016-05-25 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2015 in the subject Business economics - Investment and Finance, grade: 1.0, accadis Hochschule Bad Homburg, course: Final Thesis, language: English, abstract: The potential relation of increased levels of corporate disclosure on a firm’s cost of capital remains of great importance, both from a research-focussed and business- oriented point-of-view; however, the existence of methodological drawbacks has led to ever more complex studies, which eventually made the literature vast and confusing for outside readers. The purpose of this thesis was to organise and thereby simplify the different perspectives on a dynamic issue. It is argued that, in theory, enhanced transparency levels the marketplace by spreading information more equally among investors. Consequently, the information asymmetry component is mitigated, which translates into lower levels of estimation risk, transaction costs and default risk. After all, theoretical studies provided evidence that increased disclosure lowers the costs of capital. However, since neither of the involved components is directly observable, a myriad of approaches emerged to approximate actual figures. Although most of these proxies follow similar patterns, it is argued that none of the present approaches is free from constraints, which, in turn, affects the reliability of existing empirical studies. Research, after all, still lacks a generally accepted and holistic approach to the present day. In this context, one of the most recent findings provides a new and rather praxis-oriented perspective, by arguing that firms and investors are merely interested in a good-practice level of disclosure. Regardless of the perspective, an ultimate conclusion has yet to be revealed by the literature and it seems illusory that academics and practitioners agree on one approach in the future. Nevertheless, the contribution of this thesis was merely to structure and simplify the current state of a dynamic issue. The author therefore used easy to understand graphics and tables and linked the findings to related fields of research, where necessary.
Author : Henry Perrin Garsombke
Publisher :
ISBN 13 :
Total Pages : 192 pages
Book Rating : 4.:/5 (429 download)
Download or read book The Relationship Between Corporate Disclosure and Risk: a Theoretical and Empirical Analysis written by Henry Perrin Garsombke and published by . This book was released on 1976 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : M. V. Shivaani
Publisher : Springer
ISBN 13 : 9811381410
Total Pages : 334 pages
Book Rating : 4.8/5 (113 download)
Download or read book Understanding Corporate Risk written by M. V. Shivaani and published by Springer. This book was released on 2019-06-06 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book proposes three normative frameworks pertaining to risk-measurement, disclosure and governance using expert opinion and data from the top 429 non-financial companies (of the NIFTY 500 index) over a 10-year period. The book offers a novel contribution to the global literature on disclosure quality by presenting a composite measure of the quality as well as quantity of risk disclosures. Focusing on the quality of risk disclosures and risk governance structures, and using sophisticated methodology to tackle the issue of endogeneity, the book explores the important yet uncharted confluence of accounting information, risk and corporate governance. It addresses the interplay between three facets of risk, and is corroborated by practitioners’ perspectives as well as case studies. It is an excellent resource for practitioners, professionals and policy-makers, in addition to researchers working on the topic.
Author : Alessandro Ghio
Publisher : Springer Nature
ISBN 13 : 3030422992
Total Pages : 183 pages
Book Rating : 4.0/5 (34 download)
Download or read book The Evolution of Corporate Disclosure written by Alessandro Ghio and published by Springer Nature. This book was released on 2020-04-02 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a critical analysis of the evolution of corporate disclosure. Building upon prior academic literature, it assesses the most important changes in mandatory corporate disclosure, the growing relevance of social and environmental disclosure, and revolutionary new forms of corporate communication, in particular social media. It also includes empirical analyses that shed further light on the impact of voluntary communication, i.e. social and environmental reporting and corporate social media communication, on managerial and investment decisions. Lastly, it discusses new directions for accounting and corporate governance research on the theoretical and empirical challenges of corporate disclosure. Offering a wealth of relevant and timely advice, the book will help regulators design policies that allow businesses to overcome current and emerging economic, social, and technological challenges.
Author : Markus Bader
Publisher : GRIN Verlag
ISBN 13 : 9783668225893
Total Pages : 72 pages
Book Rating : 4.2/5 (258 download)
Download or read book Effects of Corporate Disclosure on a Firm's Cost of Capital written by Markus Bader and published by GRIN Verlag. This book was released on 2016-07-14 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2015 in the subject Business economics - Investment and Finance, grade: 1.0, accadis International College Bad Homburg, course: Final Thesis, language: English, abstract: The potential relation of increased levels of corporate disclosure on a firm's cost of capital remains of great importance, both from a research-focussed and business- oriented point-of-view; however, the existence of methodological drawbacks has led to ever more complex studies, which eventually made the literature vast and confusing for outside readers. The purpose of this thesis was to organise and thereby simplify the different perspectives on a dynamic issue. It is argued that, in theory, enhanced transparency levels the marketplace by spreading information more equally among investors. Consequently, the information asymmetry component is mitigated, which translates into lower levels of estimation risk, transaction costs and default risk. After all, theoretical studies provided evidence that increased disclosure lowers the costs of capital. However, since neither of the involved components is directly observable, a myriad of approaches emerged to approximate actual figures. Although most of these proxies follow similar patterns, it is argued that none of the present approaches is free from constraints, which, in turn, affects the reliability of existing empirical studies. Research, after all, still lacks a generally accepted and holistic approach to the present day. In this context, one of the most recent findings provides a new and rather praxis-oriented perspective, by arguing that firms and investors are merely interested in a good-practice level of disclosure. Regardless of the perspective, an ultimate conclusion has yet to be revealed by the literature and it seems illusory that academics and practitioners agree on one approach in the future. Nevertheless, the contribution of this thesis was merely to structure and simplify the current state of a dynamic i
Author : Stefan Schantl
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Economic Effects of Litigation Risk on Corporate Disclosure and Innovation written by Stefan Schantl and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop an economic theory on the endogenous relationship between corporate disclosure and shareholder litigation and derive three key results. (i) Decreasing litigation risk can lead to more or less disclosure due a trade-off between the deterrence and the insurance effects of litigation. (ii) Capital markets react more to bad news disclosures than to good news ones if both insiders' penalties and litigation risk are sufficiently large. (iii) Litigation insurance premiums capture ex ante litigation risk. In addition, we illustrate the real effects of litigation by studying corporate innovation incentives, and we derive two additional key results. (iv) Shareholder litigation can lead to more or less innovation if insiders' penalties are not too large. (v) Under certain conditions, innovation first decreases and then increases with litigation risk. We reconcile our results with a large set of U.S.-based empirical studies and formulate a number of novel predictions.
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 : Hanimon Binti Abdullah
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (899 download)
Download or read book An Exploratory Examination Into the Relationship Between Corporate Governance and Risk Management in Islamic Banks written by Hanimon Binti Abdullah and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Antti Miihkinen
Publisher :
ISBN 13 :
Total Pages : 73 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Usefulness of Firm Risk Disclosures Under Different Firm Riskiness, Investor Interest, and Market Conditions? New Evidence from Finland written by Antti Miihkinen and published by . This book was released on 2015 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: To date, there is only meager research evidence on the usefulness of mandatory annual report risk disclosures to investors. Although it has been argued that corporate disclosure decreases information asymmetry between management and shareholders, we do not know whether investors benefit from high-quality risk reporting in a highly regulated risk disclosure environment. In this paper, we performed association tests to examine whether the quality of firms' mandatory risk disclosures relate to information asymmetry in the Finnish stock markets. In addition, we analyzed whether the usefulness of risk disclosures depends on contingency factors such as firm riskiness, investor interest, and market condition. We demonstrate that the quality of risk disclosure has a direct negative influence on information asymmetry. We also document that risk disclosures are more useful if they are provided by small firms, high tech firms, and firms with low analyst coverage. We also found that momentum in stock markets affects the relevance of firms' risk reports.
Author : John L. Campbell
Publisher :
ISBN 13 :
Total Pages : 61 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Information Content of Mandatory Risk Factor Disclosures in Corporate Filings written by John L. Campbell and published by . This book was released on 2014 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beginning in 2005, the SEC mandated firms to include a “risk factor” section in their Form 10-K to discuss “the most significant factors that make the company speculative or risky.” This suggests that regulators believe that investors benefit from disclosures about firm risk and uncertainties. Critics argue that the disclosures are qualitative and boilerplate, and thus uninformative. In this study, we examine the information content of this newly-created risk factor section and offer two main results. First, we find that firms that face greater risk disclose more risk factors, and that the type of risk that a firm faces (i.e. systematic, idiosyncratic, financial, legal, or tax) determines whether they devote a greater portion of their disclosures towards describing that risk type. In other words, managers provide informative risk factor disclosures. Second, we find that market participants incorporate the information conveyed by risk factor disclosures into their assessments of firm risk and stock price, and that the public availability of the disclosure decreases information asymmetry amongst firms' shareholders. We are the first study to document that when managers increase negative/pessimistic qualitative disclosure, market-based measures of firm risk increase. These results provide further insight into the relationship between disclosure and firm risk, and may inform current policy decisions of the SEC.
Author : Saumya Mohan
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (129 download)
Download or read book Disclosure Quality and its Effect on Litigation Risk written by Saumya Mohan and published by . This book was released on 2007 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between the quality of disclosure in companies' 10-K filings and the risk of securities class action litigation. I use a dataset containing 10-K documents filed electronically with the SEC in the period 1996-2005. Using two content analysis software programs that analyze the categories of words used in these filings, I find that firms that use more numbers, past and future words, and other informative words are less likely to be sued, even after controlling for the common determinants of lawsuits. In order to avoid subjective choice of word categories, I use principal components analysis to identify the major components of disclosure in company filings. When these components are used in regressions, one component named 'informativeness' has significant power to explain subsequent lawsuits. Finally, in cross-sectional tests, I find support for the theory that firms with good boards and managers who are not entrenched have better disclosure practices. Further, monitoring by institutional investors, independent boards and analysts appears to induce better corporate disclosure.
Author : Gauri Bhat
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Impact of Disclosure and Corporate Governance on the Association Between Fair Value Gains and Losses and Stock Returns in the Commercial Banking Industry written by Gauri Bhat and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, I examine the relations between risk management disclosures, governance, and the market pricing of the fair value gains and losses (FVGL) for US commercial bank holding companies (banks). I find that banks with strong corporate governance disclose more about their risk management practices and that the market pricing of the FVGL increases with the level of disclosure. The disclosure's effect on the market pricing of the FVGL is more pronounced for banks during periods of crisis, for banks with risky assets, and for banks with poor performance. Further analysis shows that subcategories of disclosure have different roles to play under different risk conditions. Overall, the evidence in this paper suggests that market participants perceive the FVGL of banks with high disclosure and strong corporate governance as more relevant and reliable. One potential interpretation is that disclosure aids market participants in evaluating the quality of the FVGL.
Author : Lorenzo Neri
Publisher : FrancoAngeli
ISBN 13 : 8856876612
Total Pages : 144 pages
Book Rating : 4.8/5 (568 download)
Download or read book Risk Reporting: Development, Regulation and Current Practice. An investigation on Italian Stock Market written by Lorenzo Neri and published by FrancoAngeli. This book was released on 2012-08-25T00:00:00+02:00 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: 365.891
Author : Sun Liu
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Economic Effects of Increased Corporate Disclosure written by Sun Liu and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the estimation risk prospective of whether greater corporate disclosure results in smaller stock return volatilities (thus less risk premiums being claimed by outside investors) and a lower cost of equity capital in a low disclosure environment, namely that of the two Chinese stock exchanges. While this paper finds that corporate disclosure is negatively associated with total stock return volatility, the extent of information asymmetry with respect to firm-specific characteristics or idiosyncratic risk appears to play a vital role in determining whether this negative relationship is statistically significant. In addition, this paper finds that the extent of listed companies' mandatory disclosure, but not the extent of their voluntary disclosure, is negatively related to stock return volatility. This appears to reflect the unique disclosure environment in China with its weak enforcement mechanisms, where companies tend to treat mandatory and voluntary disclosures as substitutes. However, the finding suggests that the market does not perceive voluntary disclosure to be an effective substitute for mandatory disclosure. This paper therefore provides further country-level evidence to support the view that the extent of negative association between disclosure and the cost of equity capital is primarily dependent upon the specific features of stock markets and the disclosure environment in different nations.
Author : Shiu-Yik Au
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (13 download)
Download or read book Too Much of a Good Thing? Risk Disclosure and Corporate Innovation written by Shiu-Yik Au and published by . This book was released on 2019 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consistent with theoretical models that show disclosure can reduce uncertain investments, we find that mandating risk disclosure is negatively associated with corporate innovation. Using a textual analysis of a large sample of 10-K filings for US firms, we identify a negative relationship between risk disclosure and firm-level investments in R&D and innovation output in terms of patents and citations. Furthermore, the channel for this decline seems to be linked to financial constraints, with risk disclosure having a larger impact on innovation among firms with financial constraints. These results suggest that a mandatory risk disclosure requirement can have unintended real consequences for firms making uncertain investments, such as innovation.
