Disclosure Standards And Market Efficiency

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Disclosure Standards and Market Efficiency

Author : Hui Tong
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Disclosure Standards and Market Efficiency by : Hui Tong

Download or read book Disclosure Standards and Market Efficiency written by Hui Tong and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the Mexican and Asian crises, there has been a proliferation of international initiatives, including an ambitious standard-setting agenda, to encourage banks, firms and governments to disclose more information about their financial affairs. This paper studies whether and how such transparency standards affect information accuracy and dispersion. I show that the impact of transparency initiatives may be more limited than often thought to the extent that public disclosure crowds out private investments in information. I first develop a theoretical model of the incentive to invest in information and the impact of public disclosure. I then analyze a panel data set of stock market analysts' forecasts for sixty countries for the period 1990-2002. I find that disclosure standards enhance forecast accuracy directly but at the same time reduce the number of analysts per stock (the variable that serves as my proxy for private investments in information). The net effect of disclosure standards on forecast accuracy and dispersion thus ranges from weak to nonexistent. The implication is that studies that fail to analyze this crowding out effect may exaggerate the impact of disclosure standards on market outcomes.

Market Efficiency, Bounded Rationality, and Supplemental Business Reporting Disclosures

Author : J. Richard Dietrich
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Market Efficiency, Bounded Rationality, and Supplemental Business Reporting Disclosures by : J. Richard Dietrich

Download or read book Market Efficiency, Bounded Rationality, and Supplemental Business Reporting Disclosures written by J. Richard Dietrich and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The AICPA Special Committee on Financial Reporting has urged disclosure of relevant forward-looking information on risks and opportunities to supplement conventional financial statements. We conduct a laboratory market experiment to assess the effects of such disclosures on capital allocation decisions. We develop two sets of competing hypotheses regarding how capital markets react to supplemental disclosures. One set is based on the assumption of semi-strong market efficiency, while the other posits that the bounded rationality of individual traders leads to inefficient market prices. We find that explicit disclosure of management's best estimate of an uncertain quantity improves market efficiency, even though this disclosure is redundant with information in financial statements. Second, we find disclosure of an upper bound of management's estimate has the potential to bias security prices upward, while informationally equivalent disclosure of both upper and lower bounds removes this bias. These results suggest that experimental market reactions to these supplemental disclosures are inconsistent with market efficiency. Supplemental analyses of individuals' price predictions and trading behavior support our conclusion that inefficiencies are at least partially attributable to individual information processing biases.

Disclosure Requirements, the Release of New Information and Market Efficiency : New Insights from Agent-based Models

Author : Oliver Hermsen
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (118 download)

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Book Synopsis Disclosure Requirements, the Release of New Information and Market Efficiency : New Insights from Agent-based Models by : Oliver Hermsen

Download or read book Disclosure Requirements, the Release of New Information and Market Efficiency : New Insights from Agent-based Models written by Oliver Hermsen and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Financial Disclosure

Author : Kim B. Staking
Publisher : IDB
ISBN 13 : 9781886938526
Total Pages : 92 pages
Book Rating : 4.9/5 (385 download)

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Book Synopsis Financial Disclosure by : Kim B. Staking

Download or read book Financial Disclosure written by Kim B. Staking and published by IDB. This book was released on 1999 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Decision-useful financial reports in efficient securities markets

Author : Dennis Teichmann
Publisher : GRIN Verlag
ISBN 13 : 3638355756
Total Pages : 25 pages
Book Rating : 4.6/5 (383 download)

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Book Synopsis Decision-useful financial reports in efficient securities markets by : Dennis Teichmann

Download or read book Decision-useful financial reports in efficient securities markets written by Dennis Teichmann and published by GRIN Verlag. This book was released on 2005-03-08 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2002 in the subject Business economics - Controlling, grade: 1,0, University of Hannover (Lehrstuhl für Controlling), course: Seminar zur "Financial Accounting Theory", language: English, abstract: This paper studies the decision-usefulness of accounting information and the implications of financial reports, especially against the background of efficient securities markets. The decision-usefulness of financial statements gained in importance in the literature of accounting research due to the decline in helpfulness for decision taking of traditional financial statements like earnings, cash flows and stock returns.1 This deterioration is accompanied by a deficit of future-oriented indicators, in particular intangible assets, which are not integrated in the actual financial reporting requirements.2 These outstanding problems lead to incompleteness of capital markets, which are tried to be solved by different mechanisms, e.g. penalties, incentives and voluntary disclosure, to attain to efficient securities markets, the social advantageous solution.3 Section 2 describes the requirements of efficient securities markets, its various forms and the origin of inefficient working securities markets. Chapter 3 illustrates the usefulness of financial statements for different constituencies, especially for investors and management, and the legal standards for mandatory disclosure. Division 4 expresses the information dilemma and presents diverse solutions for an approximation to social optimal allocations, i.e. allocations that diminish securities markets inefficiencies. Chapter 5 gives a short summary of this paper. 1 See LEV / ZAROWIN (Boundaries of Financial Reporting 1999), pp. 354 – 362. 2 See GÜNTHER / BEYER (Value Based Reporting 2001), pp. 1627 – 1629. 3 See SCOTT (Financial Accounting Theory 1997), pp. 81 – 82.

Asia’s Progress toward Greater Sustainable Finance Market Efficiency and Integrity

Author : Asian Development Bank
Publisher : Asian Development Bank
ISBN 13 : 9292698869
Total Pages : 102 pages
Book Rating : 4.2/5 (926 download)

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Book Synopsis Asia’s Progress toward Greater Sustainable Finance Market Efficiency and Integrity by : Asian Development Bank

Download or read book Asia’s Progress toward Greater Sustainable Finance Market Efficiency and Integrity written by Asian Development Bank and published by Asian Development Bank. This book was released on 2023-01-01 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report summarizes insights on transparency and integrity in sustainable finance markets shared by regulators and business leaders at a series of webinars co-hosted by the Asian Development Bank and State Street Global Advisors in November 2021. It provides an overview of policy and market practice to enhance transparency and integrity in sustainable finance and to foster the market’s development. The report covers three topics: (i) efforts to align taxonomies and standards across regions and to support transition finance, (ii) efforts of Asian investors to adopt and adapt to environmental, social, and governance (ESG) information disclosure and integrity requirements, and (iii) corporate perspectives on the practical benefits of enhancing ESG information disclosure and integrity.

Disclosure Guidelines for State and Local Government Securities

Author : Government Finance Officers Association
Publisher : Municipal Finance Officers
ISBN 13 : 9780891251514
Total Pages : pages
Book Rating : 4.2/5 (515 download)

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Book Synopsis Disclosure Guidelines for State and Local Government Securities by : Government Finance Officers Association

Download or read book Disclosure Guidelines for State and Local Government Securities written by Government Finance Officers Association and published by Municipal Finance Officers. This book was released on 1991-01-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Evaluating the Impact of Securities Regulation on Venture Capital Markets

Author : James R. Barth
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (31 download)

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Book Synopsis Evaluating the Impact of Securities Regulation on Venture Capital Markets by : James R. Barth

Download or read book Evaluating the Impact of Securities Regulation on Venture Capital Markets written by James R. Barth and published by . This book was released on 1980 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Implications of Market Efficiency for US Disclosure by Non-US World-class Issuers

Author : Donald R. Lessard
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (753 download)

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Book Synopsis The Implications of Market Efficiency for US Disclosure by Non-US World-class Issuers by : Donald R. Lessard

Download or read book The Implications of Market Efficiency for US Disclosure by Non-US World-class Issuers written by Donald R. Lessard and published by . This book was released on 1990 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Report of the Advisory Committee on Corporate Disclosure to the Securities and Exchange Commission

Author : United States. Advisory Committee on Corporate Disclosure
Publisher :
ISBN 13 :
Total Pages : 892 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Report of the Advisory Committee on Corporate Disclosure to the Securities and Exchange Commission by : United States. Advisory Committee on Corporate Disclosure

Download or read book Report of the Advisory Committee on Corporate Disclosure to the Securities and Exchange Commission written by United States. Advisory Committee on Corporate Disclosure and published by . This book was released on 1977 with total page 892 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The EU Issuer-disclosure Regime

Author : Gaëtane Schaeken Willemaers
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041133941
Total Pages : 378 pages
Book Rating : 4.0/5 (411 download)

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Book Synopsis The EU Issuer-disclosure Regime by : Gaëtane Schaeken Willemaers

Download or read book The EU Issuer-disclosure Regime written by Gaëtane Schaeken Willemaers and published by Kluwer Law International B.V.. This book was released on 2011-01-01 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: Présentation de l'éditeur : "In an examination that is at once critical, comparative and interdisciplinary, the book discusses the stated objectives of the EU issuer-disclosure regime - principally about retail investor protection - and then goes on to identify objectives that can actually be met in practice, i.e. market efficiency and corporate governance. The author concludes by drawing concrete policy and regulatory implications, along the way covering such aspects and ramifications of the regime. In its defence of the power of market forces as regulatory means, and its clear argument that market finance should be seen at a minimum as a useful complement to bank credit and other financing sources, this important book can claim a privileged space in the debate over the role of disclosure requirements in securities regulation."

Effective Company Disclosure in the Digital Age

Author : Gill North
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041168184
Total Pages : 386 pages
Book Rating : 4.0/5 (411 download)

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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 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.

OECD Sovereign Borrowing Outlook 2021

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264852395
Total Pages : 94 pages
Book Rating : 4.2/5 (648 download)

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Book Synopsis OECD Sovereign Borrowing Outlook 2021 by : OECD

Download or read book OECD Sovereign Borrowing Outlook 2021 written by OECD and published by OECD Publishing. This book was released on 2021-05-20 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.

Promoting Information in the Marketplace for Financial Services

Author : Paul Latimer
Publisher : Springer
ISBN 13 : 3319094599
Total Pages : 251 pages
Book Rating : 4.3/5 (19 download)

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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 2014-11-14 with total page 251 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.

Economic Effects of Transparency in International Equity Markets

Author : Mark Lang
Publisher : Now Publishers Inc
ISBN 13 : 1601984480
Total Pages : 79 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Economic Effects of Transparency in International Equity Markets by : Mark Lang

Download or read book Economic Effects of Transparency in International Equity Markets written by Mark Lang and published by Now Publishers Inc. This book was released on 2011 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph reviews the existing accounting, finance and economics literature on the economic effects of transparency in international equity markets, considers aspects of an international setting that make it an interesting environment for investigating these effects, and suggests directions for future research

Report of the Advisory Committee on Corporate Disclosure to the Securities and Exchange Commission

Author : United States. Securities and Exchange Commission. Advisory Committee on Corporate Disclosure
Publisher :
ISBN 13 :
Total Pages : 1398 pages
Book Rating : 4.E/5 ( download)

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Book Synopsis Report of the Advisory Committee on Corporate Disclosure to the Securities and Exchange Commission by : United States. Securities and Exchange Commission. Advisory Committee on Corporate Disclosure

Download or read book Report of the Advisory Committee on Corporate Disclosure to the Securities and Exchange Commission written by United States. Securities and Exchange Commission. Advisory Committee on Corporate Disclosure and published by . This book was released on 1977 with total page 1398 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Accounting Disclosure and Real Effects

Author : Chandra Kanodia
Publisher : Now Publishers Inc
ISBN 13 : 1601980620
Total Pages : 105 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Accounting Disclosure and Real Effects by : Chandra Kanodia

Download or read book Accounting Disclosure and Real Effects written by Chandra Kanodia and published by Now Publishers Inc. This book was released on 2007 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: Kanodia presents a new approach to the study of accounting measurement that argues that how firms' economic transactions, earnings, and capital flows are measured and reported to the capital markets has substantial effects on the firms' real decisions and on the allocation of resources.