Download or read book The Economic Consequences of Increased Disclosure written by David Hirshleifer and published by . This book was released on 2004 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Economic Consequences of Increased Disclosure written by Warren Bernard Bailey and published by . This book was released on 2002 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Economic Consequences of Increased Disclosure written by Christian Leuz and published by . This book was released on 1999 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Economic Consequences of Increased Disclosure written by Warren Bernard Bailey and published by . This book was released on 2004 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economic Consequences of Increased Accounting Disclosure written by Haiyan Zhou and published by . This book was released on 2003 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book IAS IFRS written by Vera Palea and published by FrancoAngeli. This book was released on 2006 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Economic Consequences of Increased Disclosure written by Haiyan Zhou and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we investigate the impact of cross-listings on information asymmetry risk, the cost of capital and firm value of a group of cross-listed Chinese companies. Our paper is the first to examine the effect of cross-listing on information asymmetry risk. Because cross-listed firms are subject to increased disclosure requirements, increased regulatory scrutiny and increased legal liability, we propose that Chinese cross-listed firms have lower information asymmetry risk, lower cost of capital and higher firm value than their non-cross-listed counterparts. We find in both univariate and multivariate tests that cross-listed firms enjoyed lower information asymmetry risk in the domestic market compared with the non-cross-listed firms. We also find that cross-listed firms have lower cost of capital in the cross-listing market than non-cross-listed firms in the domestic markets. Finally, we find that cross-listed firms are associated with higher firm value as measured by Tobin's Q. These results have implications for international investors and companies seeking cross-listing opportunities.
Download or read book The Expected Costs of Increased Disclosure Firm and Industry specific Forces written by Simon Kröger and published by GRIN Verlag. This book was released on 2020-08-05 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2020 in the subject Business economics - Accounting and Taxes, grade: 1.0, Mannheim University of Applied Sciences, language: English, abstract: A series of financial crises and corporate scandals gave rise to increasing concerns about prevailing models of corporate governance and disclosure and stimulated financial disclosure and reporting regulation. As a result, there has been considerably more interest in documenting the benefits of increased disclosure than its costs. Accordingly, numerous papers purport to provide evidence of capital market benefits through incremental disclosure. At the same time, firms refrain from voluntarily committing to increased disclosure, implying that there must be a trade-off between associated benefits and costs. Consequently, critics contend that the capital market benefits are inconclusive. Instead, increased disclosure may result in adverse capital market effects through increasing information asymmetry. Moreover, critics predict that increased disclosure imposes further costs on the firm. The purpose of this seminar thesis is to review existing literature on these expected costs of increased disclosure. Thereby, I focus on controversies regarding the heavily debated capital market effects as well as on specific forces that determine proprietary and litigation costs associated with increased disclosure. While a firm’s disclosure choices likely are a joint outcome of market forces and incentives provided by regulation, the seminar thesis is limited to voluntary disclosure choices as a starting point for possible disclosure regulation. The remainder of the seminar thesis is structured as follows. Section 2 reviews the literature on the capital market effects of voluntary disclosure through its impact on information asymmetry. Section 3 discusses the ambiguous impact of voluntary disclosure on litigation and proprietary costs. Section 4 concludes the seminar thesis.
Download or read book Economic Consequences of Risk and Ability Disclosures written by Joshua Madsen and published by . This book was released on 2018 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: We exploit the introduction of a "risks and challenges" (RC) section on the crowdfunding website Kickstarter.com to study the role of disclosure in markets characterized by severe information asymmetries and agency frictions. Although the RC section contains voluntary and unaudited disclosures, after its addition projects with already observably risky characteristics attract fewer backers and are less likely to be funded, and project creators who respond to the prompt to discuss risks and abilities increase their non-risk disclosures and use a financing structure that accommodates greater risk. Risky projects attract relatively more backers and funding when project creators respond to the prompt, consistent with increased disclosure mitigating market frictions. Our findings suggest that crowdfunders change the types of projects they support and that project creators modify their disclosures and financing structure when prompted to consider risks.
Download or read book The Economic Consequences of Perk Disclosure written by Yaniv Grinstein and published by . This book was released on 2017 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: In December 2006 the SEC issued new rules requiring enhanced disclosure, by public US firms, of perquisites granted to their executives. The rules applied to perquisites granted in fiscal year 2006 and thereafter. Because the rules were implemented quickly, the perks disclosed for 2006 reflect the arrangements firms made under prior disclosure rules: firms could not revise perks to reflect the new rules until 2007. For firms that disclose for the first time in 2006, we predict and find that perks decrease in 2007, reflecting both the costs of increased disclosure and enhanced monitoring. This decrease in perks is offset by higher levels of non-perk compensation, however. We also predict and find that the effect of perk disclosure by formerly non-disclosing firms in 2006 leads to higher perks in 2007 for firms that were disclosing perks prior to the rule change.
Download or read book The Economic Consequences of Disclosure Regulation written by Robert J. Pawlewicz and published by . This book was released on 2011 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economic Consequences of Disclosure Regulation written by Ying Zhou and published by . This book was released on 2014 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lobbied against the proposed standard would incur higher proprietary disclosure costs from SFAS 131 than other industries and I identify lobbying industries based on companies' comment letters on the Exposure Draft of the standard. I find that an industry was more likely to lobby against the standard if public firms in that industry as a whole commanded a larger market share, enjoyed more persistent abnormal profits, had higher R & D activities, and faced more private competitors. In my primary test I find that after the adoption of SFAS 131, public firms in a lobbying industry experienced a significant decline in their aggregate product market share relative to those in a non-lobbying industry, confirming companies' concerns about the competitive harm of disclosures required by SFAS 131. My study contributes to the literature by providing evidence on the real market-wide effects, as opposed to the informational firm-specific effects, of a disclosure regulation.
Download or read book Economic Consequences of Financial Reporting and Disclosure Regulation written by Christian Leuz and published by . This book was released on 2008 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper surveys the theoretical and empirical literature on the economic consequences of financial reporting and disclosure regulation. We integrate theoretical and empirical studies from accounting, economics, finance and law in order to contribute to the cross-fertilization of these fields. We provide an organizing framework that identifies firm-specific (micro-level) and market-wide (macro-level) costs and benefits of firms' reporting and disclosure activities and then use this framework to discuss potential costs and benefits of regulating these activities and to organize the key insights from the literature. Our survey highlights important unanswered questions and concludes with numerous suggestions for future research.
Download or read book Economic Consequences of Regulated Changes in Disclosure written by Kin Lo and published by . This book was released on 2003 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1992 revision of executive compensation disclosure rules in the U.S. could have benefited shareholders by inducing corporate governance improvements or harmed them by increasing disclosure costs. Consistent with the governance improvement hypothesis, companies that lobbied against the regulation had, relative to control firms: (i) return-on-assets and return-on-equity that improved by 0.5% and 3%, respectively; and (ii) excess stock returns of 6% over the 8-month period between the announcement and the adoption of the proposed regulation. Also, firms lobbying more vigorously against the proposal had more positive abnormal stock returns during events that increased the probability of regulation.
Download or read book Economic Consequences of Public Disclosure written by Katharina Elisabeth Hombach and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Download or read book Economic Consequences of Mandated Accounting Disclosures written by Elizabeth Chuk and published by . This book was released on 2010 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
