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Author : Wenyao Hu
Publisher :
ISBN 13 :
Total Pages : 220 pages
Book Rating : 4.:/5 (126 download)
Download or read book Three Essays in Corporate Disclosure written by Wenyao Hu and published by . This book was released on 2020 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Elisabeth Pauline Kläs
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (14 download)
Download or read book Three Essays on Corporate Disclosure written by Elisabeth Pauline Kläs and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yetaotao Qiu
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (133 download)
Download or read book Three Essays on Corporate Disclosure and Information Externalities written by Yetaotao Qiu and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation includes three essays on corporate disclosure and information externalities. In the first essay, I examine the disclosure behavior of rival firms identified by an Initial Public Offering (IPO) candidate during the IPO quiet period when the IPO candidate is restricted in its communication. I find that the tone of disclosures made by identified rivals becomes more positive during the quiet period, and reverses after the quiet period ends. The strategic disclosure behavior is mainly driven by identified rivals' concerns over product market competition. I also find that this behavior hurts the IPO candidate and benefits the identified rivals. In the second essay, I investigate the relations between IPO firms' peer choice and peer information environment. I find that IPO firms tend to select peer companies with a better information environment, and this effect is more pronounced for IPO firms with greater information uncertainties. I also find support that peer information environment is positively associated with upward offering price revision, post-offering analyst coverage, and negatively associated with the number of amendment filings. Overall, this essay shows that IPO firms can make use of the externalities of peer information to facilitate their initial public offerings. In the third essay, I switch my focus from intra-industry relations to supply chain relations. More specifically, I study the effects of layoff announcements by customers on the valuation and operating performance of their supply chain partners. I find that suppliers experience a negative stock price reaction around their major customers' layoff announcements. The negative price effect is exacerbated when industry rivals of layoff-announcing customers also suffer from negative intra-industry contagion effects. Moreover, these supply chain spillover effects are asymmetric, with only "bad news" layoff announcements causing significant value implications for suppliers, but not "good news" announcements. Supplier firms also reduce their investment in and sales dependence on layoff-announcing customers in subsequent years. Keywords: Disclosure; Product market competition; IPO quiet period; Identified rivals; Information externalities; Peer information environment; Corporate layoffs, Supply chain relations; Stock market return
Author : Alessandro Ghio
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (16 download)
Download or read book Three Essays on Corporate Disclosure by Small and Medium Entities written by Alessandro Ghio and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Ph.D. thesis studies the determinants and consequences of information asymmetry between investors and financers on the one hand, and managers on the other, in an uncertain and complex environment. I focus on Small and Medium Entities (SMEs) where the links between the two and the associated agency costs are particularly significant. SMEs are concerned by a whole host of contractual issues. The uncertainties surrounding SMEs' activities also affect investor valuations due to the risk of adverse selection. SMEs' disclosure may play an important part in reducing for market participants the uncertainty surrounding SMEs' activities. My Ph.D. thesis, consisting of a general introduction and three chapters representing three self-contained essays, explores (1) the type of financial information relevant to SMEs' investors and financers; (2) managerial decisions following market expectations about SMEs' disclosure; and (3) the impact of social media on SMEs' disclosure.
Author : Evgeny Petrov
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (1 download)
Download or read book Three Essays on Corporate Disclosure written by Evgeny Petrov and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Mots-clés de l'auteur: Voluntary Disclosure ; Misreporting ; Earnings Management ; Informed Trading ; Feedback Effect ; Real Effects ; Margin Constraints ; Haircuts ; Information Acquisition ; Asymmetric Information.
Author : Qiang Wu
Publisher :
ISBN 13 : 9781124203607
Total Pages : 205 pages
Book Rating : 4.2/5 (36 download)
Download or read book Three Essays on Corporate Governance and Financial Disclosure written by Qiang Wu and published by . This book was released on 2000 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Liem Thanh Nguyen
Publisher :
ISBN 13 :
Total Pages : 224 pages
Book Rating : 4.:/5 (89 download)
Download or read book Three Essays on Corporate Voluntary Disclosure written by Liem Thanh Nguyen and published by . This book was released on 2012 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Junqi Liu
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (128 download)
Download or read book Three Essays on Corporate Information Communications written by Junqi Liu and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays that focus on corporate external communication of accounting information. My dissertation's primary goal is to understand better how firms' financial disclosure behaviors change in response to various internal and external forces. To achieve this goal, I use empirical archival methods and employ several unique settings to examine the influences of three particular forces on firms' financial disclosure activities. Specifically, in the first essay, I focus on a firm's internal production function and ask whether labor cost stickiness shapes income smoothing activities. By contrast, the second and third essays explore the influences of two external factors, namely product market competition with existing rivals and the local information environment, respectively, on firms' mandatory and voluntary disclosure behaviors.
Author : Helen Mengbing Ren
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (125 download)
Download or read book Three Essays on Disclosures and Corporate Finance written by Helen Mengbing Ren and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mengbing Ren
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Three Essays on Disclosures and Corporate Finance written by Mengbing Ren and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Zhu Chen
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (125 download)
Download or read book Three Essays in Financial Analysts and Corporate Disclosure Using Textual Analysis written by Zhu Chen and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "The dissertation consists of two essays in financial analysts and one essay in corporate disclosure, all utilizing textual analysis. In the first essay, I decompose analysts’ estimates of weighted average cost of capital (WACC) into abnormal and expected components using a risk characteristic-based model. I find that the abnormal component predicts future stock returns, especially when combined with EPS and dispersion of EPS forecasts. Additional analysis shows that the abnormal component of WACC predicts underlying firms’ future fundamental performance, particularly for experienced analysts and firms with low information intensity. My findings highlight that the abnormal component of analysts’ WACC estimates is informative. Analysts’ decision process to map their forecast inputs such as EPS forecasts and risk assessment to their investment opinions such as target price and recommendation remains to be a black box in the previous literature. In the second essay, I find that analysts’ estimate of WACC is negatively associated with their target price forecasts. It provides empirical evidence that analysts would rationalize the DCF model. From the investor’s perspective, I find that investors generally overreact to the information in WACC estimates when evaluating analysts’ target price forecasts. The extent of the overreaction depends on whether target price changes are conflicted by WACC changes. In light of psychological theories, I provide empirical evidence that when the investors' optimistic verifiable expectation is rejected, they switch to the unverifiable component - WACC for information. At last, I show similar empirical evidence for analyst recommendation.In the third essay, using 4,262 Form 20-F filings from 37 countries, we find that corporate risk-taking is positively associated with managerial expectation as measured by forward-looking statement (FLS) tone, particularly for firms from countries with strong institutions and for FLS tone related to macroeconomics. Our study advances the measure of overall managerial expectations and links it to corporate risk-taking in an international setting"--
Author : Tanja Keeve
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (139 download)
Download or read book Three Essays on Economic Consequences of Disclosure Policies written by Tanja Keeve and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Wanrapee Banchuenvijit
Publisher :
ISBN 13 :
Total Pages : 270 pages
Book Rating : 4.:/5 (144 download)
Download or read book Three Essays on Privatization and Corporate Governance written by Wanrapee Banchuenvijit and published by . This book was released on 2006 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation seeks not only to extend the existing privatization literature but also to provide the association between privatization and corporate governance literatures. It is divided into three essays. The first essay examines changes in the financial and operating performance of 103 firms worldwide that were partially or fully privatized through public share offerings during 1993-2003. The empirical results from the Wilcoxon and proportion tests show increases in profitability, operating efficiency, capital spending, output, and dividend payments as well as decreases in leverage and total employment. A combined result of this essay and the three previous and comparable papers indicates that, for the whole period from 1961 to 2003, privatization helps improve firm performance in a wide variety of countries, industries, and competitive environments. The second essay investigates the impact of macro corporate governance mechanisms (anti-director rights index, enforcement index, and corporate disclosure index) on the subsequent performance of 103 privatized firms around the world during 1993-2003. After controlling for endogeneity, the empirical results exhibit that macro governance mechanisms are important determinants of firm performance following privatization in both developed and developing countries. Finally, the third essay studies how internal control mechanisms (board size, board composition, CEO duality, and financial expertise of boards) affect the subsequent performance of 103 privatized firms around the world during 1993-2003. After controlling for endogeneity, the empirical results demonstrate that internal governance mechanisms (with the concentration on the role of board of directors) are important determinants of firm performance following privatization in only developing countries.
Author : Brian Gibbons
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (125 download)
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.
Author : Julia Katharina Haag
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (126 download)
Download or read book Essays on Corporate Disclosure and Information Intermediaries written by Julia Katharina Haag and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hani Tadros
Publisher :
ISBN 13 :
Total Pages : 262 pages
Book Rating : 4.:/5 (111 download)
Download or read book Three Essays on Corporate Environmental Disclosures and Environmental Performance written by Hani Tadros and published by . This book was released on 2015 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this dissertation is to study the incentives of firms to disclose their environmental information and examine the reliability of the information disclosed. To achieve this objective, there is a need to first understand what constitutes environmental disclosures. The first essay, a review of prior disclosure studies, provides a classification of the different types of environmental disclosures and a synopsis about the motivation to disclose each type of information, the reliability and the relevance of the information disclosed to different stakeholders. The outcome of this research shows that many types of environmental information are relevant to the financial and non-financial stakeholders; however, there are still other types of information that needs to be researched to finally achieve a comprehensive framework of environmental disclosures. The second essay examines the association between environmental disclosures and firms’ environmental performances. The study provides a framework to explain the disclosure process demonstrating the effect of economic and legitimacy factors, environmental performance, and the media communicating these disclosures on the amount and type of information reported. The results suggest that environmental reporting is biased; where firms with higher levels of environmental performance disclose more voluntary information while firms with low-environmental performance tend to meet the mandatory disclosure requirements. There is little evidence to suggest that firms with low-environmental performances use their environmental disclosures to maintain the legitimacy of their environmental operations. The third essay examines the reliability of environmental performance indicators disclosed. The results suggest that the reporting of firms’ EPIs might be free of bias as the study finds no association between the information disclosed and firms’ environmental performance. In general, the dissertation provides assurances over the reliability of environmental information disclosed. There is no denial that firms are subject to pressures from non-financial stakeholders to justify the impact of their operations on the environment. This dissertation shows that firms attempt to use their environmental disclosures to mitigate the effects of these pressures; however, it also suggests that the need to legitimize their operations is not the main driver behind the reporting of environmental information.
Author : Hojun Seo
Publisher :
ISBN 13 :
Total Pages : 141 pages
Book Rating : 4.:/5 (953 download)
Download or read book Essays in Empirical Disclosure and Compensation Contracting written by Hojun Seo and published by . This book was released on 2016 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is comprised of three essays relating to empirical corporate disclosure and compensation contracting. The first essay examines peer effects in corporate disclosure decisions. I define peer effects as the average behavior of a group influencing an individual group members behavior. Using instrumental variable estimation to eliminate the effects of common shocks, I find that firms are more likely to make disclosures when more peer firms do so, and the marginal effect exceeds that of most firm-specific disclosure determinants studied in the prior literature. I corroborate the existence of peer effects by providing evidence that peer effects are absent when the disclosure is non-discretionary. In cross-sectional tests, I find that peer firm disclosure has a stronger impact on a firms disclosure decisions when the degree of strategic interactions between the firm and its industry peers is higher. I also provide evidence that industry followers respond to industry leaders disclosures but not vice versa. Finally, I examine capital-market effects and find that disclosure motivated by peers is associated with improved stock liquidity. Overall, this study highlights an important disclosure determinant and suggests that peer firm disclosure shapes the corporate information environment. The second essay empirically investigates the Relative Performance Evaluation (RPE) hypothesis in CEO compensation contracts (co-authored with Sudarshan Jayaraman and Todd Milbourn). RPE theory predicts that firms filter out common performance while evaluating CEOs, and that the extent of filtering increases with the number of peers. We hypothesize that inaccurate classification of peers explains prior inconclusive evidence. Following Hoberg and Phillips (2015), we define peers based on 10-K product descriptions and find consistent evidence (i) firms on average filter out common performance, (ii) filtering increases with the number of peers, and (iii) firms completely filter out common performance in the presence of many peers. We conclude that a key identification strategy to testing RPE lies in accurately defining peers. Lastly, the third essay examines the characteristics of management earnings guidance issued right before the compensation committee meetings (co-authored with Xiumin Martin and Jun Yang). Corporate boards determine performance metric for CEOs annual incentive plans at compensation committee meetings at the beginning of a fiscal year. We find that management earnings guidance issued immediately before the meetings tends to be lower than the prevailing consensus analyst forecasts. This downward bias is only present when the performance metric is linked to earnings such as earnings-per-share (EPS). We do not observe downward bias when revenue serves as the performance metric. Also, pessimistic earnings guidance is more pronounced when the prevailing consensus analyst forecast is much more opportunistic. The downward bias is also greater when institutional ownership is more concentrated. Taken together, our findings suggest that managers have incentives to issue pessimistic earnings guidance before compensation committee meetings and that analyst earnings forecasts might serve as an anchor for the compensation committee to defend its choice of performance metric under shareholder pressures.
