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Three Essays On Risk Disclosure
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Book Synopsis Three Essays on Risk Disclosure by : Ousayna Zreik
Download or read book Three Essays on Risk Disclosure written by Ousayna Zreik and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Ph.D. dissertation explores the effect of the communication of risk on several factors in the French market. To measure communication about risk, we used content analysis. We developed a new method of measurement by using several word lists to capture different types of ambiguity and risk reporting (67 environmental and social responsibility words, 889 legal and government-regulation words, 2184 negative words, 306 uncertain words, 25 opportunity words, and 32 weak words). This thesis is organized into three chapters. The first chapter is devoted to studying the effect of risk communication on firm liquidity. The results show that an intense tone of risk and uncertain information in annual reports negatively affect liquidity. In the second chapter, we examine the effect of risk communication on companies' reputations. We detect that risk reporting positively affects reputation. This result is robust for alternative empirical models (pooled OLS, fixed effects, and random effects) as well as for alternative measurements of reputation. In addition, we explore the risk-reporting behaviors of very high- and low-risk companies. We find that risk-disclosure behavior is sensitive to a company's level of risk. The third chapter is dedicated to analyzing the effect of risk communication on company risks (unsystematic, systematic, and total risk). We find that risk communication is associated positively with systematic risk, and negatively with unsystematic risk. In contrast, during the financial crisis of 2008, we find a negative association between risk communication on the one hand and unsystematic and total risk on the other hand. Moreover, we observe that high-risk firms will not reduce their risks through more communication about risk.
Book Synopsis Three Essays on Material Weakness Disclosures, Restatement Announcements, and Auditor's Litigation Risk by : Nader Refat Reiad Wans
Download or read book Three Essays on Material Weakness Disclosures, Restatement Announcements, and Auditor's Litigation Risk written by Nader Refat Reiad Wans and published by . This book was released on 2012 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Economic Consequences of Disclosure Policies by : Tanja Keeve
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:
Book Synopsis Three Essays on Corporate Disclosure by Small and Medium Entities by : Alessandro Ghio
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.
Book Synopsis Three Essays on Systemic Risk by : Sylvain Benoit
Download or read book Three Essays on Systemic Risk written by Sylvain Benoit and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Systemic risk has played a key role in the propagation of the last global financial crisis. A large number ofsystemic risk measures have been developed to quantify the contribution of a financial institution to thesystem-wide risk. However, numerous questions about their abilities to identify Systemically ImportantFinancial Institutions (SIFIs) have been raised since systemic risk has multiple facets, and some of themare difficult to gauge, such as the commonalities across financial institutions.The main goal of this dissertation in finance is thus (i) to propose an empirical solution to identifydomestic SIFIs, (ii) to compare theoretically and empirically different systemic risk measures, and (iii)to measure changes in banks' risk exposures.First, chapter 1 offers an adjustment of three market-based systemic risk measures, designed in a globalframework, to identify domestic SIFIs. Second, chapter 2 introduces a common framework in whichseveral systemic risk measures are expressed and compared. It is theoretically shown that those systemicrisk measures can be expressed as function of traditional risk measures. The empirical application confirmsthese findings and shows that these measures fall short in capturing the multifaceted nature of systemicrisk. Third, chapter 3 proposes the Factor Implied Risk Exposures (FIRE) methodology which breaksdown a change in risk disclosure into a market volatility component and a bank-specific risk exposurecomponent. This chapter empirically illustrates that changes in risk exposures are positively correlatedacross banks, which is consistent with banks exhibiting commonality in trading.
Book Synopsis Three Essays on the Consequences of Disclosure by : Sarah Kröchert
Download or read book Three Essays on the Consequences of Disclosure written by Sarah Kröchert and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on the Informativeness of Investment Company Disclosure by : Stephen Bradley Daughdrill
Download or read book Three Essays on the Informativeness of Investment Company Disclosure written by Stephen Bradley Daughdrill and published by . This book was released on 2015 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays on the strategic qualitative disclosure decisions of hedge funds and mutual funds. The dissertation research seeks to contribute to a new understanding of the relationship between the content of fund filings and behavioral tendencies of fund stakeholders including management and investors. In the first essay, I evaluate the use of strategic disclosure by hedge fund management in order to conceal reporting inconsistencies. I inspect fund returns using a series of nine performance tests and identify a significant number of hedge funds with irregular return patterns. Using text-based analysis, I assess the qualitative content of strategy statements and find funds with suspicious performance produce distinct disclosure in regards to word choice. I conclude that these funds attempt to reduce detection by designing strategy descriptions that deviate from industry peers. My results come in contrast to prior evidence on herding tendencies and persist using alternative variable definitions and model specifications. The second essay investigates the impact of hedge fund strategic qualitative disclosure choices on fund investment. Specifically, I examine fund strategy descriptions using text-based analysis and study the relationship between the measures and hedge fund flows. In both the univariate and multivariate settings, I find strong evidence that the textual composition of fund filings can contribute to a fund's ability to attract investors. Overall, this essay finds support for the assertion that disclosure content influences investor decision-making. The findings are robust to alternative variable definitions and model specifications. In the third essay, I examine the effects of mutual fund filing composition on the ability of funds to attract investors. Using a large sample of U.S., open-ended mutual funds, I compute textual similarity and readability measures of the Investment Objective-Strategy and Principal Risk sections and examine the relationship with mutual fund flows. In the univariate setting, readability and similarity are drivers of mutual fund flows. After the inclusion of common fund flow controls and alternative model specifications, the explanatory power of the textual measures is partially reduced. Overall, I find mixed evidence that mutual fund investors use disclosure as a means to make investment decisions.
Book Synopsis Three Essays on Financial Information Disclosure by : Bo Zhang
Download or read book Three Essays on Financial Information Disclosure written by Bo Zhang and published by . This book was released on 2018 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis is comprised of three essays on informational issues that revolve around financial reporting, governance, and disclosure. The first essay focuses on how International Financial Reporting Standards (IFRS) adoption by the Canadian fund industry impacts the funds' reported performance and managers' behavior. When Canada implemented IFRS for publicly accountable enterprises (PAEs) in 2011, it received much attention from international researchers, professionals, and regulators mainly for three reasons: (1) IFRS were more mature when adopted in Canada as nine amendments had been made from 2005 through 2010, and issues and uncertainties faced by earlier adopters such as firms from EU members may or may not exist in Canada; (2) pre-IFRS Canadian accounting standards were very close to that of the US, and thus, the Canadian experience has strong implication to the largest capital market which has not accepted IFRS as primary standards yet; (3) Canadian accounting and financial regulations have been shown to be more effective in controlling risks during the 2008 financial crisis compared to those of other major economies; how IFRS can strengthen such a tight system is to be examined and is important to IFRS proponents and standard setters. In 2014, Canada took the lead by being the first common law jurisdiction mandating IFRS for investment funds while most other countries hold up IFRS adoption in this particular industry due to various complications. This paper shows that IFRS adoption does affect the funds' outcomes and managers' behavior in Canadian closed-end investment funds, and voluntary disclosure of cash flows also strongly affects fund managers' return and valuation discretion. The implication is that if a country is not ready to fully implement IFRS in the fund industry because of complications at the accounting and financial levels, mandatory disclosure of cash flows could lead to better accounting quality as well, since one major difference between IFRS and GAAP is the disclosure of cash flows which constrains manager's discretion on asset appraisals. The second essay studies the implications from outside directors' turnover. Outside directors have been extensively studied as a governance factor, but their behaviors are not well documented in the literature, partly because most agency theory-based research concentrates on the behavior of managers, not that of directors. While the majority of studies in the governance literature analyze characteristics of directors in a static way, I look at this question in a dynamic way which considers directors' behaviors. This paper studies S&P 500 companies that have boardroom turnovers due to outside directors' unexpected departures. The departures of these non-executive directors usually do not trigger investors' concerns. However, our results show that when they do not provide concrete reasons, the firms from which they resigned experience underperformance afterward. This result suggests that directors may have resigned ahead of sub performance because of information they became privy to. The implication is strong to both regulators and investors. While governance regulations require a certain proportion of outside directors on compensation and audit committees with the intention of achieving efficient governance and releasing timely and reliable information, such mechanisms are substantially affected if outside directors do not fulfill their responsibilities when firms face challenges. Investors who take long positions should be alerted about outside directors' unexplained departure, and investors who take short positions may find opportunities when a company has boardroom turnover. The third essay examines a financial question around mergers and acquisitions announcements. In a tender offer, the bidder contacts shareholders of a target firm directly by announcing a public offer to tender their shares. The risk arises because the acquisition may or may not go through. Insiders typically have a better appreciation of the likelihood of a successful acquisition than outsiders, who have very limited access to strategic and private information. As a result, outsiders are at the disadvantageous position during mergers and acquisitions. This paper documents that besides official and public releases, outsiders can also rely on stock returns around announcements to infer private information to reduce information asymmetry. While current regulations and reporting standards do not have effective ways to minimize information asymmetry during mergers and acquisitions, this study highlights an avenue that indirectly mitigates outsiders' information disadvantage.
Book Synopsis Three Essays in Corporate Disclosure by : Wenyao Hu
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:
Book Synopsis Three Essays on Corporate Disclosure by : Elisabeth Pauline Kläs
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:
Book Synopsis Regulation, Usefulness and Practicability of Risk Disclosures - 3 Essays Combining Manual and Automated Content Analysis by : Deborah Yvonne Fuhrmann
Download or read book Regulation, Usefulness and Practicability of Risk Disclosures - 3 Essays Combining Manual and Automated Content Analysis written by Deborah Yvonne Fuhrmann and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Financial Risk by : Kai Yao
Download or read book Three Essays on Financial Risk written by Kai Yao and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Cybersecurity-related Issues by : He Li
Download or read book Three Essays on Cybersecurity-related Issues written by He Li and published by . This book was released on 2017 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays that examine cybersecurity-related matters. In the first essay, I investigate whether external auditors respond to cyber incidents by charging higher audit fees and whether they price cybersecurity risk before the actual event happens when there is no explicit requirement from the regulators. Findings in the essay suggest that cyber incidents lead to increase in audit fees, and the increase is smaller for firms with prior cybersecurity risk disclosures. In addition, firms with repeated cyber incidents or cyber incidents that involve intellectual property experience larger increases in audit fees. However, auditor's concern over cyber incidents is mitigated by monitoring from large and sophisticated external stakeholders. The second essay examines the informativeness of cybersecurity risk disclosure and provides three main results. First, both the presence and length of cybersecurity risk disclosure are informative of future reported cyber incidents. Second, market participants are using information conveyed by the presence of cybersecurity risk disclosure, but not the information content which is measured by the adjusted length of the disclosure. Third, the presence of cybersecurity risk disclosure is no longer significantly associated with subsequently reported cyber incidents after the passage of cybersecurity disclosure guidance. However, the essay fails to find a significant association between firm-specific disclosure and cyber incidents. In the third essay, issues regarding assurance on cybersecurity are discussed. In particular, I argue that data analytics should be an integral part of cybersecurity assurance, and introduce a process of using data analytics in testing cybersecurity controls. Illustrative examples of the process using synthetic data are provided to demonstrate that data analytics is a well-suited approach for providing assurance on cybersecurity. A set of critical challenges for applying data analytics in the assurance engagement are also discussed.
Book Synopsis Three Essays on Firms' Exposure to Common Risks by : Lars Kabitz
Download or read book Three Essays on Firms' Exposure to Common Risks written by Lars Kabitz and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Risk Measurement by : Patricio Augusto Contreras
Download or read book Three Essays on Risk Measurement written by Patricio Augusto Contreras and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Goodwill Impairment Disclosure by : Ionela Andreicovici
Download or read book Three Essays on Goodwill Impairment Disclosure written by Ionela Andreicovici and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is composed of three distinct studies that empirically examine the role of the information disclosed on goodwill impairment for key firm stakeholders (i.e., financial analysts, peer firms, and external auditors). In the first study, I examine the effect of disclosure transparency on disagreement among analysts, and disagreement between analysts and managers, in the context of goodwill impairment. The second study examines whether the reporting of significant goodwill impairment by a firm (impairment firm) affects the corporate investment behavior of other firms in the same industry (peer firms). The third study investigates the impact of the expanded audit report disclosure on firms' financial disclosure decisions. Specifically, I examine whether firms adjust the levels of disclosure on goodwill impairment when auditors flag goodwill impairment as a risk of material misstatements in the expanded audit report. This study contributes to the debate about the usefulness of the expanded audit report by identifying the mechanism through which expanded audit report impacts financial reporting and corporate decisions.
Book Synopsis Three Essays in Financial Analysts and Corporate Disclosure Using Textual Analysis by : Zhu Chen
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"--
