Discretionary Disclosure And External Financing
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Discretionary Disclosure And External Financing
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Author : Richard Frankel
language : en
Publisher:
Release Date : 1994
Discretionary Disclosure And External Financing written by Richard Frankel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Disclosure of accounting categories.
Discretionary Disclosure And External Financing
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Author : Harri J. Seppänen
language : en
Publisher:
Release Date : 1999
Discretionary Disclosure And External Financing written by Harri J. Seppänen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Corporations categories.
Based on an analysis of disclosure data from 42 non-financial Finnish firms between 1990 and 1992, examines managers' information disclosure practices (disclosure frequency and timing). Investigates whether external financing arrangements are associated with managers' general accounting disclosure practices in an institutional setting that is considered to exhibit 'relationship' financing.
Discretionary Disclosure And External Financing In A Relationship Financing Environment
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Author : Harri J. Seppanen
language : en
Publisher:
Release Date : 2000
Discretionary Disclosure And External Financing In A Relationship Financing Environment written by Harri J. Seppanen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
This study investigates whether external financing influences managers? general accounting disclosure practices (i.e., frequency and timing) in an institutional setting that is asserted to exhibit ?relationship? financing arrangements; namely, in Finland. The prior research on discretionary disclosure and security offerings suggests that firms can enhance their ability to capture the well-known benefits of public financing by voluntarily disclosing value-relevant information. In contrast, Healy and Palepu (1993, 1995), Baiman and Verrecchia (1996), and Frost (1996) argue that ?relationship? financing arrangements may decrease incentives for managers to provide public voluntary disclosure. I use panel data (1990-1992) on 41 non-financial firms listed on the Helsinki Stock Exchange to examine the above arguments within a relationship financing setting. I find some evidence that a firm's security offerings are positively associated with the frequency of non-periodic disclosures. Furthermore, there is also some evidence that my relationship financing measures are negatively associated with the frequency and timeliness of periodic disclosures. Interestingly, the results further suggest that ownership-based relationship financing arrangements may induce a firm to make relatively more frequent and more timely disclosures when the firm also makes security offerings. Potential explanations for certain inconsistent results are discussed.
Discretionary Disclosure And External Financing
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Author : Richard Frankel
language : en
Publisher:
Release Date : 1994
Discretionary Disclosure And External Financing written by Richard Frankel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Disclosure of accounting categories.
Discretionary Disclosure In Financial Reporting
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Author : Daniel A. Bens
language : en
Publisher:
Release Date : 2009
Discretionary Disclosure In Financial Reporting written by Daniel A. Bens and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Disclosure of information categories.
Disclosure Hold Up And External Finance
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Author : Andrew Bird
language : en
Publisher:
Release Date : 2016
Disclosure Hold Up And External Finance written by Andrew Bird and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
We investigate private borrowers incentives to publicly disclose financial information in loan agreements in anticipation of public equity or debt issuance. Voluntary disclosure of sales and key financial ratios reduces lender hold-up, reduces financing costs and increases public bond and equity issuance amounts by 9.9% and 12.2%, respectively. We show that our results are unlikely to be driven by selection on unobservable borrower quality. Overall, this evidence suggests that voluntary disclosure can mitigate information asymmetry and reduce financial constraints for young firms.
The Oxford Handbook Of Corporate Governance
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Author : Mike Wright
language : en
Publisher: OUP Oxford
Release Date : 2013-03-28
The Oxford Handbook Of Corporate Governance written by Mike Wright and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-28 with Business & Economics categories.
The behavior of managers-such as the rewards they obtain for poor performance, the role of boards of directors in monitoring managers, and the regulatory framework covering the corporate governance mechanisms that are put in place to ensure managers' accountability to shareholder and other stakeholders-has been the subject of extensive media and policy scrutiny in light of the financial crisis of the early 2000s. However, corporate governance covers a much broader set of issues, which requires detailed assessment as a central issue of concern to business and society. Critiques of traditional governance research based on agency theory have noted its "under-contextualized" nature and its inability to compare accurately and explain the diversity of corporate governance arrangements across different institutional contexts. The Oxford Handbook of Corporate Governance aims at closing these theoretical and empirical gaps. It considers corporate governance issues at multiple levels of analysis-the individual manager, firms, institutions, industries, and nations-and presents international evidence to reflect the wide variety of perspectives. In analyzing the effects of corporate governance on performance, a variety of indicators are considered, such as accounting profit, economic profit, productivity growth, market share, proxies for environmental and social performance, such as diversity and other aspects of corporate social responsibility, and of course, share price effects. In addition to providing a high level review and analysis of the existing literature, each chapter develops an agenda for further research on a specific aspect of corporate governance. This Handbook constitutes the definitive source of academic research on corporate governance, synthesizing studies from economics, strategy, international business, organizational behavior, entrepreneurship, business ethics, accounting, finance, and law.
Accounting Theory
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Author : Harry I. Wolk
language : en
Publisher: SAGE Publications
Release Date : 2016-06-04
Accounting Theory written by Harry I. Wolk and has been published by SAGE Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-04 with Business & Economics categories.
This updated Ninth Edition of Accounting Theory: Conceptual Issues in a Political and Economic Environment continues to be one of the most relevant and comprehensive texts on accounting theory. Authors Harry I. Wolk, James L. Dodd, John J. Rozycki provide a critical overview of accounting as a whole as well as touch on the financial issues in economic and political contexts, providing readers with an applied understanding of how current United States accounting standards were derived and where we might be headed in the future. Readers will find learning tools such as questions, cases, problems and writing assignments to solidify their understanding of accounting theory and gain new insights into this evolving field.
The Advantage Of Competitive Federalism For Securities Regulation
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Author : Roberta Romano
language : en
Publisher: American Enterprise Institute
Release Date : 2002
The Advantage Of Competitive Federalism For Securities Regulation written by Roberta Romano and has been published by American Enterprise Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
In this analysis of securities regulation, the author demonstrates that the current approach toward U.S. regulation - exclusive jurisdiction of the Securities and Exchange Commission - is misguided and should be revamped by implementing a regime of competitive federalism. Under such a system firms would select their regulator from among the states, the SEC, or other nations. The author asserts that competitive federalism harnesses the high-powered incentives of markets to the regulatory state to produce regulatory arrangements most compatible with investors' preferences. The author contends that the empirical evidence does not indicate that the SEC is effective in achieving its stated objectives. The commission's expansions of disclosure requirements over the years have not significantly enhanced investors' wealth. In addition, she asserts, evidence from institutional equity and debt markets and cross-country listing practices demonstrates that firms voluntarily disclose substantial information beyond mandatory requirements to provide the information investors demand. The author concludes that under competitive federalism, the aspects of the SEC's regime that are valuable to investors will be retained, those that are not will be discarded, and the resulting securities regime will better meet investors' needs than the present one.
Private Litigation Under The Federal Securities Laws
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Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities
language : en
Publisher:
Release Date : 1994
Private Litigation Under The Federal Securities Laws written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.