Download or read book Investors Reactions to Management Disclosure Corrections written by Hun-Tong Tan and published by . This book was released on 2008 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Disclosure of material earnings-relevant information through corporate and news websites is increasingly popular, and so is the frequency of corrections to initial disclosures made. The formats adopted for such corrections differ in terms of the placement of the erroneous disclosure relative to the original disclosure, as well as the presence or absence of a forewarning of correction. We conduct an experiment to investigate whether erroneous earnings-related disclosures that are subsequently corrected by management continue to influence individual investors' judgments, and whether this effect is moderated by the format of the correction. Using M.B.A. students as proxies for investors, we conduct an experiment involving a context where a firm announces the negotiation outcome of a major contract, and then subsequently corrects this announcement. For a correction format where the erroneous disclosure is placed before the correction, participants' assessments of the likelihood of winning the contract and the firm's earnings potential/investment attractiveness continue to be influenced by the erroneous disclosure, despite the presence of a correction. For such correction formats where the erroneous disclosure is placed before the correction, presence of a warning of a correction before they read the erroneous disclosure does not mitigate the effect. Our experimental results provide some support that a correction format where the correction is placed prior to the erroneous disclosure reduces the influence of the erroneous disclosure.
Download or read book Managerial and Investor Responses to Disclosure Regulation written by Brian J. Bushee and published by . This book was released on 2011 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the effect of regulation that mandates open access to information on managers' disclosure choices and investors' reactions to disclosures. The recently passed Regulation FD (Reg FD) requires firms to make material disclosures broadly available. Using a sample of firms that previously restricted access to conference calls and a sample of firms that voluntarily allowed unlimited access to their calls in the pre-Reg FD period, we examine the effect of the new rule on managers' decisions regarding the timing, use, and information content of calls, as well as the effect on investors' trading behavior during the call. Our results indicate that Reg FD had a significant negative impact on managers' decisions to continue hosting conference calls and on their decisions regarding the optimal time to hold the call. However, contrary to the concerns of many critics, the magnitudes of these changes are not large. We do not find evidence that Reg FD decreased the amount of information disclosed during the call period, contrary to the concerns of Reg FD opponents. Finally, we find evidence that the new rule increased price volatility for firms that previously restricted access to their calls (relative to firms that previously held open calls) and that the amount of individual investor trading increased following the rule change. Overall, our results suggest that Reg FD impacted trading during the conference call window for firms most affected by the new regulation.
Download or read book Management Disclosure Strategies and Investor Reaction to Preemptive Disclosures by Firms Facing an Earnings Surprise written by Carolyn J. Gilchrist and published by . This book was released on 1997 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Investor Reaction to Disclosure of Past Performance and Future Plans written by Scott Adams Emett and published by . This book was released on 2017 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Firms dedicate large portions of financial disclosures to updating and discussing their strategy and plans for the future, and investors often evaluate those plans after learning how the firm performed in the current period. I examine how current-period performance shapes investors' beliefs about the appropriateness of managerial optimism which, in turn, affects their evaluation of firms that focus on either challenges or opportunities in future-oriented disclosures. I conduct three experiments that test my process theory. I hypothesize and find that a firm's current-period performance shapes investors' beliefs about whether managers can best achieve success by being more or less optimistic about the future. When a firm is performing poorly, investors believe that managers can best achieve success by being more optimistic and less realistic about the future, and therefore invest more if the firm focuses on opportunities rather than challenges in future-oriented disclosures. When a firm is performing well, on the other hand, investors believe that managers can best achieve success by being more realistic and less optimistic about the future, and therefore invest more if the firm focuses on challenges rather than opportunities. These results challenge the notion that investors always react positively (negatively) to disclosures that focus on opportunities (challenges). Instead, these results suggest circumstances in which managers can benefit by focusing on challenges, in order to signal a more realistic and less optimistic outlook about the future.
Download or read book Securities Regulation written by James D. Cox and published by . This book was released on 2006 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Covers the Offering Rules, the sweeping reforms for the public offering of securities adopted by the SEC in June 2005. This work includes the Dura Pharmaceuticals decision, with note material examining the full implications; examines the developments regarding forward looking statements and the significant Supreme Court decision; and more.
Download or read book Earnings Management written by Joshua Ronen and published by Springer Science & Business Media. This book was released on 2008-08-06 with total page 587 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Download or read book Federal Register written by and published by . This book was released on 2012-03 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal Register Index written by and published by . This book was released on 2009 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Download or read book Protocol for Conducting Environmental Compliance Audits Under the Comprehensive Environmental Response Compensation and Liability Act written by and published by . This book was released on 1998 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal Register Annual Index written by and published by . This book was released on 1977 with total page 860 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Business Sustainability Corporate Governance and Organizational Ethics written by Zabihollah Rezaee and published by John Wiley & Sons. This book was released on 2019-11-12 with total page 997 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive framework for understanding the most important issues in global business This is the e-book version of Business Sustainability, Corporate Governance, and Organizational Ethics. In today's business environment, multinational corporations are under pressure from investors, lawmakers, and regulators to improve their corporate governance, business sustainability, and corporate culture. Business sustainability, corporate governance, and organizational ethics are taking center stage in the global business environment. This long-awaited text covers each of these three important areas in detail, guiding readers to a robust understanding with features including chapter summaries, essential terms, discussion questions, and cases for each topic covered.
Download or read book Handbook Of Banking And Finance In The Mena Region written by Khaled Hussainey and published by World Scientific. This book was released on 2024-03-19 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: According to World Bank (2021), the economic recovery post-COVID-19 in the Middle East and North Africa (MENA) has been uneven and tumultuous. Reasons for this include exposure to oil-price fluctuations, the impact of pandemic, public demonstrations, and political instability. Although the MENA region encompasses a variety of countries — wealthy, stable and oil-rich countries such as Saudi Arabia and Qatar as well as less secure countries such as Iraq and Syria — it plays an important role in the global economy.Handbook of Banking and Finance in the MENA Region explores the trends in finance and banking of the MENA region, including theoretical and empirical perspectives from researchers around the globe. The first part of the book explores numerous reforms in the region's banking and finance, including digital technology, financial technology (fintech) and green finance. While financial inclusion in the Gulf Cooperation Council is much higher, the other countries in the MENA region have yet to overcome this trend, and the second part of the book provides specific case studies of ways in which banks have contributed to the region. The final section of the book considers macroeconomic factors and financial development. Together these perspectives enrich the discussion of facts and development challenges in the finance and banking of the MENA region as a whole.
Download or read book Institutional Investors Full Disclosure Act written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and published by . This book was released on 1974 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Artificial Intelligence in Asset Management written by Söhnke M. Bartram and published by CFA Institute Research Foundation. This book was released on 2020-08-28 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: Artificial intelligence (AI) has grown in presence in asset management and has revolutionized the sector in many ways. It has improved portfolio management, trading, and risk management practices by increasing efficiency, accuracy, and compliance. In particular, AI techniques help construct portfolios based on more accurate risk and return forecasts and more complex constraints. Trading algorithms use AI to devise novel trading signals and execute trades with lower transaction costs. AI also improves risk modeling and forecasting by generating insights from new data sources. Finally, robo-advisors owe a large part of their success to AI techniques. Yet the use of AI can also create new risks and challenges, such as those resulting from model opacity, complexity, and reliance on data integrity.
Download or read book SEC Docket written by United States. Securities and Exchange Commission and published by . This book was released on 1992 with total page 946 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Earnings Management Fintech Driven Incentives and Sustainable Growth written by Michael I. C. Nwogugu and published by Routledge. This book was released on 2019-11-01 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditional research about Financial Stability and Sustainable Growth typically omits Earnings Management (as a broad class of misconduct), Complex Systems Theory, Mechanism Design Theory, Public Health, psychology issues, and the externalities and psychological effects of Fintech. Inequality, Environmental Pollution, Earnings Management opportunities, the varieties of complex Financial Instruments, Fintech, Regulatory Fragmentation, Regulatory Capture and real-financial sector-linkages are growing around the world, and these factors can have symbiotic relationships. Within Complex System theory framework, this book analyzes these foregoing issues, and introduces new behaviour theories, Enforcement Dichotomies, and critiques of models, regulations and theories in several dimensions. The issues analyzed can affect markets, and evolutions of systems, decision-making, "nternal Markets and risk-perception within government regulators, operating companies and investment entities, and thus they have Public Policy implications. The legal analysis uses applicable US case-law and statutes (which have been copied by many countries, and are similar to those of many common-law countries). Using Qualitative Reasoning, Capital Dynamics Theory (a new approach introduced in this book), Critical Theory and elements of Mechanism Design Theory, the book aims to enhance cross-disciplinary analysis of the above-mentioned issues; and to help researchers build better systems/Artificial-Intelligence/mathematical models in Financial Stability, Portfolio Management, Policy-Analysis, Asset Pricing, Contract Theory, Enforcement Theory and Fraud Detection. The primary audience for this book consists of university Professors, PHD students and PHD degree-holders (in industries, government agencies, financial services companies and research institutes). The book can be used as a primary or supplementary textbook for graduate courses in Regulation; Capital Markets; Law & Economics, International Political Economy and or Mechanism Design (Applied Math, Operations Research, Computer Science or Finance).
