Essays On Financial Reporting Corporate Disclosure And Capital Markets
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Essays on Capital Markets and Corporate Disclosure
| Author | : Danil A. Borilo |
| Publisher | : |
| Total Pages | : |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
This thesis studies how a firm's disclosure decisions are affected by the interaction between prevailing financial reporting regulation and managerial incentives. Chapter 1 summarizes studies related to this thesis. I focus on rules that require a firm to issue regular financial statements. As a result, the release of some information about a firm's performance and financial condition is inevitable. However, since financial statements do not fully reflect all value-relevant information, a firm's manager can still affect the interpretation of this information via voluntary disclosure. In Chapter 2, I study how reputational concerns of a firm's manager affect her voluntary disclosure decisions. I show that interpretation of both the firm's report and voluntarily disclosed information depend on the timing of the disclosure relative to disclosures made by other firms in the same industry. In Chapter 3, I consider the case when private information of the firm's manager cannot be credibly communicated to outside investors and a mandatory financial report is the only available information channel about firm value. As a result, the noisiness of a financial report will lead investors to overvalue some firms and undervalue others. I show that allowing for misreporting can increase social welfare if a firm must rely on external capital in order to finance its investment opportunities. Overall, my results emphasize the importance of taking into account strategic disclosure decisions of managers for regulators, investors, and analysts.
Financial Accounting and Equity Markets
| Author | : Philip Brown |
| Publisher | : Routledge |
| Total Pages | : 506 |
| Release | : 2013-06-19 |
| Genre | : Business & Economics |
| ISBN | : 1135077576 |
Philip Brown is one of the most admired and respected accounting academics alive today. He was a pioneer in capital markets research in accounting, and his 1968 article, co-authored with Ray Ball, "An Empirical Evaluation of Accounting Income Numbers," arguably had a greater impact on the course of accounting research, directly and indirectly, than any other article during the second half of the twentieth century. Since that time, his innovative research has focused on issues that bridge accounting and finance, including the relationships between net profit reports and the stock market, the long-run performance of acquiring firms, statutory sanctions and voluntary corporate disclosure, and the politics and future of national accounting standards to name a few. This volume brings together the greatest hits of Brown’s career, including several articles that were published in out-of-the-way places, for easier use by students and researchers in the field. With a foreword written by Stephen A. Zeff, and an introduction that discusses the evolution of Brown’s research interests and explains the context for each of the essays included in the volume, this book offers the reader a unique look inside this remarkable 50-year career.
The Impact of Corporate Textutal Disclosure on Capital Markets
| Author | : Saskia Jarick |
| Publisher | : GRIN Verlag |
| Total Pages | : 42 |
| Release | : 2011-07-12 |
| Genre | : Business & Economics |
| ISBN | : 3640956222 |
Seminar paper from the year 2011 in the subject Business economics - Accounting and Taxes, grade: 1.3, University of Mannheim, language: English, abstract: Each year, firms disclose information that is analyzed and eventually reflected in the market price. Sources of information are for example annual reports, earnings announcements and press releases. In the past, financial accounting research focused primarily on the numerical financial information disclosed (cf. Hales et al. 2011, 224).1 Interestingly, research showed that asset price movements could only partly be explained by this quantitative information and thus must have additional influencing factors (cf. Demers/Vega 2010, 2). Since corporate disclosure generally consists only to a small fraction of qualitative data and dominantly of textual information (cf. Li 2011, 1)2, and since language is the natural medium through which people communicate, financial accounting research started to focus on the analysis of textual disclosure (cf. Hales et al. 2011, 224). Results of these studies show that different aspects of textual disclosure, like the tone (how information is written/expressed) or the readability can influence for example market prices or analyst behavior (e.g. Li 2010 or Tetlock/Saar-Tsechansky/Macskassy 2008). This paper focuses on research in the field of tone as important characteristic of corporate textual disclosure. Its aim is to provide an overview about the most recent approaches and about challenges that researchers face. The remainder of this paper proceeds as follows. In section 2 the importance of textual analysis and the information content of textual information are discussed. Furthermore this section provides an overview about different approaches to characterize textual disclosure and a tabular classification of the recent literature. Since this paper focuses on the tone of textual disclosure, different approaches to measure tone are discussed as well. In section 3 two recent studies are discussed and section 4 concludes with a summary of the main results of this paper and gives suggestions for future research.
Corporate Financial Disclosure, 1900-1933
| Author | : David F. Hawkins |
| Publisher | : Routledge |
| Total Pages | : 291 |
| Release | : 2022-02-01 |
| Genre | : Business & Economics |
| ISBN | : 1000385477 |
This book, first published in 1986, is a close analysis into management’s financial disclosure practices of the first half of the twentieth century. With criticisms of existing financial disclosure practices continuing to today, this study aims to make sense of the present through an examination of past practices, difficulties and solutions.
Essays on the Value of Accounting Disclosure on Capital Markets
| Author | : |
| Publisher | : |
| Total Pages | : |
| Release | : 2003 |
| Genre | : |
| ISBN | : |
The purpose of this thesis is to analyze how capital markets interpret accounting disclosure. In three empirical studies, I evaluate the role that accounting disclosure plays in evaluating financial prospects and facilitating pricing decisions. The present thesis contains three essays that analyze the market response to changes in accounting disclosure. I examine the relationship between financial disclosure and stock market reaction in three event studies, after: (1) a company's inclusion in the S & P 500 index (in Chapter 1), (2) the introduction of international accounting standards (IFRS) in Europe (in Chapter 2), and (3) cross-listing of a Canadian company on the US stock exchange (in Chapter 3). El objetivo de esta tesis es analizar cómo los mercados de capital interpretan la información contable. En tres estudios empíricos, la tesis evalúa el papel que desempeñan los datos contables en la evaluación de las perspectivas financieras y en las decisiones de inversión. La presente tesis contiene tres ensayos que analizan la respuesta del mercado a los cambios en la calidad de información de los datos contables. En particular, la relación entre información financiera y la reacción del mercado de valores esta evaluada en tres diferentes contextos: (1) la inclusión de una empresa en el índice S & P 500 (en el capítulo 1), (2) la introducción de normas internacionales de contabilidad (NIIF) en Europa (en el capítulo 2), y (3) la admisión a cotización de una empresa canadiense en los mercados financieros de EE. UU. (en el capítulo 3).
IFRS in a Global World
| Author | : Didier Bensadon |
| Publisher | : Springer |
| Total Pages | : 477 |
| Release | : 2016-05-13 |
| Genre | : Business & Economics |
| ISBN | : 3319282255 |
This book, dedicated to Prof. Jacques Richard, is about the economic, political, social and even environmental consequences of setting accounting standards, with emphasis on those that are alleged to be precipitated by the adoption and implementation of IFRS. The authors offer their reasoned critiques of the effectiveness of IFRS in promoting genuine global comparability of financial reporting. The editors of this collection have invited authors from 17 countries, so that a great variety of accounting, auditing and regulatory cultures, and educational perspectives, is amply on display in their essays.
Effective Company Disclosure in the Digital Age
| Author | : Gill North |
| Publisher | : Kluwer Law International B.V. |
| Total Pages | : 524 |
| Release | : 2015-10-16 |
| Genre | : Law |
| ISBN | : 9041168184 |
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.
