Economic Consequences Of Sec Disclosure Regulation

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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.

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 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.

The Economic Consequences Of Perk Disclosure

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Author : Yaniv Grinstein
language : en
Publisher:
Release Date : 2017

The Economic Consequences Of Perk Disclosure written by Yaniv Grinstein and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.

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.

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.

Sec Regulation Fair Disclosure Information And The Cost Of Capital

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Author : Armando R. Gomes
language : en
Publisher:
Release Date : 2004

Sec Regulation Fair Disclosure Information And The Cost Of Capital written by Armando R. Gomes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Capital costs categories.

We empirically investigate the effects of the adoption of Regulation Fair Disclosure ( Reg FD') by the U.S. Securities and Exchange Commission in October 2000. This rule was intended to stop the practice of selective disclosure,' in which companies give material information only to a few analysts and institutional investors prior to disclosing it publicly. We find that the adoption of Reg FD caused a significant reallocation of information-producing resources, resulting in a welfare loss for small firms, which now face a higher cost of capital. The loss of the selective disclosure' channel for information flows could not be compensated for via other information transmission channels. This effect was more pronounced for firms communicating complex information and, consistent with the investor recognition hypothesis, for those losing analyst coverage. Moreover, we find no significant relationship of the different responses with litigation risks and agency costs. Our results suggest that Reg FD had unintended consequences and that information' in financial markets may be more complicated than current finance theory admits.

The Sec And Corporate Disclosure

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Author : Homer Kripke
language : en
Publisher:
Release Date : 1979

The Sec And Corporate Disclosure written by Homer Kripke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Business & Economics categories.

"The protection of vulnerable adults is a fast emerging area of work for local authorities, the NHS and other agencies. Safeguarding Vulnerable Adults and the Law, sets this within a comprehensive legal framework. The relevant law and guidance is extensive. It includes Department of Health guidance (No Secrets), human rights, the regulation of health and social care providers, the barring of carers from working with vulnerable adults, care standards tribunal cases, mental capacity, undue influence, assault, battery, wilful neglect, ill treatment, manslaughter, murder, theft, fraud, sexual offences, data protection and the sharing of information." "The book focuses on how these areas of law apply to vulnerable adults, and brings together an extensive body of case law to illustrate this. Also covered is how local authorities and the NHS may themselves be implicated in the harm - through abuse, neglect or omission - suffered by vulnerable adults. For example, in terms of the gross lapses in standards of care, infection control, nutrition and basic dignity sometimes to be found in hospitals." --Book Jacket.

Market Effects Of Sec Regulation Of Short Term Borrowing Disclosure

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Author : Trevor W. Chamberlain
language : en
Publisher:
Release Date : 2015

Market Effects Of Sec Regulation Of Short Term Borrowing Disclosure written by Trevor W. Chamberlain and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.

This study uses equal-weighted portfolios of financial and non-financial SEC registrants to examine the market reaction to proposed SEC short-term borrowing disclosure regulation. Using event study methodology and two event dates -- that is, announcement and voting dates -- we find that the market reaction is positive and significant at the announcement date and negative and significant at the voting date. Overall, the paper documents a positive market reaction, indicating the usefulness of the disclosure from the vantage point of users. The results for various subsets, including commercial banks and saving institutions, bank holding companies, size quartiles, and exchange-listed and OTC registrants, were also examined and compared. In general, they confirm expectations and are robust to alternate specifications using value-weighted portfolios. The study also provides evidence that a “one-size-fits-all” approach to regulation is undesirable.

Regulation And Financial Disclosure

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Author : Tim Loughran
language : en
Publisher:
Release Date : 2013

Regulation And Financial Disclosure written by Tim Loughran and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.

In October 1998, the SEC implemented a rule requiring firms to use plain English in their prospectus filings. In addition to the rule, the SEC encouraged the use of plain English in all filings and communication with shareholders. Did the SEC rule significantly impact managers' disclosure style? And, more interestingly, did the SEC's recommendations lead managers to change their disclosure style in filings not under the plain English mandate? Our textual analysis of Form 424, IPO prospectus, and 10-K filings over 1994-2009 finds that the SEC's implementation of the plain English rule substantively impacted managerial behavior. When we focus on 10-K filings, we find that after the 1998 rule, firms are more likely to improve the stylistic components of their filing before an equity issuance and firms with better corporate governance policies are more likely to comply with the rule.

The Economics And Politics Of Accounting

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Author : Christian Leuz
language : en
Publisher: OUP Oxford
Release Date : 2005-09-15

The Economics And Politics Of Accounting written by Christian Leuz and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-09-15 with Business & Economics categories.

Accounting and the role of accountants has permeated the modern societies. For the most part we have accepted the impartiality and objectivity of accounting and not recognized how accounting systems are embedded in a country's economic and legal framework, much of which is in turn shaped by political processes. This web of interactions results in complex economic and political questions which require accounting researchers to focus on several related trends: information economics, regulatory economics, sociology, and political science. Although considerable progress has been made in the field of accounting, many fundamental questions are still subject to debate. In this book leading international scholars address a number of important questions: · What is the role of accounting in security valuation, decision making and contracting? · What can we learn from economics-based research in accounting? · What is the role of auditing and how can accounting standards be enforced? · What are the cost and benefits of accounting and disclosure regulation? · What is the role of accounting in society? · How does lobbying affect the political process of standard setting? · What are the consequences of the internationalization of standard setting? This seminal book will be of interest to academics, researchers, and graduate students of Accounting, Finance, Business Studies, Sociology, and Political Economy.