Economic Consequences Of Disclosure Regulation
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The Economic Consequences Of Disclosure Regulation
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Author : Robert J. Pawlewicz
language : en
Publisher:
Release Date : 2011
The Economic Consequences Of Disclosure Regulation written by Robert J. Pawlewicz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Disclosure in accounting categories.
Economic Consequences Of Financial Reporting And Disclosure Regulation
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Author : Christian Leuz
language : en
Publisher:
Release Date : 2008
Economic Consequences Of Financial Reporting And Disclosure Regulation written by Christian Leuz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
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.
The Economics Of Disclosure And Financial Reporting Regulation
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Author : Christian Leuz
language : en
Publisher:
Release Date : 2016
The Economics Of Disclosure And Financial Reporting Regulation written by Christian Leuz 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.
This paper discusses the empirical literature on the economic consequences of disclosure and financial reporting regulation (including IFRS adoption), drawing on U.S. and international evidence. Given the policy relevance of research on regulation, we highlight the challenges with: (i) quantifying regulatory costs and benefits, (ii) measuring disclosure and reporting outcomes, and (iii) drawing causal inferences from regulatory studies. Next, we discuss empirical studies that link disclosure and reporting activities to firm-specific and market-wide economic outcomes. Understanding these links is important when evaluating regulation. We then synthesize the empirical evidence on the economic effects of disclosure regulation and reporting standards, including the evidence on IFRS adoption. Several important conclusions emerge. We generally lack evidence on market-wide effects and externalities from regulation, yet such evidence is central to the economic justification of regulation. Moreover, evidence on causal effects of disclosure and reporting regulation is still relatively rare. We also lack evidence on the real effects of such regulation. These limitations provide many research opportunities. We conclude with several specific suggestions for future research.
Economic Consequences Of Disclosure Regulation
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Author : Ying Zhou
language : en
Publisher:
Release Date : 2014
Economic Consequences Of Disclosure Regulation written by Ying Zhou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
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.
Regulation Of Disclosure And Corporate Governance
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Author : Stephanie Müller-Bloch
language : en
Publisher:
Release Date : 2016
Regulation Of Disclosure And Corporate Governance written by Stephanie Müller-Bloch 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.
The level of regulation of disclosure and corporate governance on the national and supranational level has increased substantially in the last decade. With that in mind, and in the light of the demand for evidence-based financial reporting and disclosure regulation (Buijink, 2006; Gassen and Günther, 2014; Leuz and Wysocki, 2016), this dissertation aims at investigating economic consequences of such regulation. In particular, this dissertation attempts to provide empirical evidence that helps regulators to assess intended and unintended economic consequences of regulating disclosure and cor...
Economic Consequences Of Sec Disclosure Regulation
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Author : Brian J. Bushee
language : en
Publisher:
Release Date : 2011
Economic Consequences Of Sec Disclosure Regulation written by Brian J. Bushee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
This paper examines the economic consequences of a regulatory change mandating OTCBB firms to comply with reporting requirements under the 1934 Securities Exchange Act. This change substantially increases mandated disclosures for firms previously not filing with the SEC. We document that the imposition of disclosure requirements results in significant costs for smaller firms, forcing them off the OTCBB. SEC regulation also has significant benefits. Firms previously filing with the SEC experience positive stock returns and permanent increases in liquidity, suggesting positive externalities from disclosure regulation. Newly compliant firms exhibit significant increases in liquidity consistent with improved disclosure reducing information asymmetry.
Three Essays On Economic Consequences Of Disclosure Policies
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Author : Tanja Keeve
language : en
Publisher:
Release Date : 2023
Three Essays On Economic Consequences Of Disclosure Policies written by Tanja Keeve and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
A Study Of The Economic Consequences Of Regulation Fd Fair Disclosure
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Author : Afshad J. Irani
language : en
Publisher:
Release Date : 2004
A Study Of The Economic Consequences Of Regulation Fd Fair Disclosure written by Afshad J. Irani and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
In this paper we examine the market reaction to the events that led to the adoption of Regulation Fair Disclosure (FD). The new regulation requires that if and when a firm discloses material nonpublic information to select individuals like analysts and institutional investors, it must make public announcement of that information immediately if the disclosure was intentional and promptly if it was unintentional. The rule has triggered a tremendous amount of debate as opponents raise the concern that the rule will result in a reduction in the amount and quality of information disseminated to the market. The SEC maintains that the rule will result in fairer markets. The stock market reaction around significant FD events supports the SEC's position. In particular, firms with poor information environments and greater propensity to selectively disclose information exhibit significantly positive abnormal returns on the first date that major provisions of the expected regulation are made public.
Economic Consequences Of Regulated Changes In Disclosure
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Author : Kin Lo
language : en
Publisher:
Release Date : 2003
Economic Consequences Of Regulated Changes In Disclosure written by Kin Lo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
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.
Turning Back The Clock On Disclosure Regulation Evidence From The Termination Of The Quarterly Reporting Mandate In Europe
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Author : Joerg-Markus Hitz
language : en
Publisher:
Release Date : 2020
Turning Back The Clock On Disclosure Regulation Evidence From The Termination Of The Quarterly Reporting Mandate In Europe written by Joerg-Markus Hitz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
We investigate economic consequences of the deregulation of quarterly reporting in member states of the European Union, as stipulated by the amended Transparency Directive in 2013. We observe that subsequent to this deregulation, only relatively few firms reduced reporting frequency by switching from quarterly reporting to semi-annual reporting. Using a difference-in-differences design, we then explore the capital market and investment (real) effects of the deregulation. We find that on average, firms that chose to terminate quarterly reporting experienced reductions in liquidity, and increased their long-term investments. These results are robust to controlling for endogeneity, and point at both, potential economic benefits (less short-termism) and losses (reduced transparency) of the deregulation. Our findings represent rare evidence on economic consequences of disclosure deregulation, suggesting that prior regulatory effects can be potentially reversed, effectively “turning back the clock”. This finding is of potential interest not only to researchers, but also to policy-makers and securities regulators.