Three Essays On Corporate Disclosure
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Three Essays On Corporate Disclosure
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Author : Elisabeth Pauline Kläs
language : en
Publisher:
Release Date : 2018
Three Essays On Corporate Disclosure written by Elisabeth Pauline Kläs and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Capital market categories.
Three Essays In Corporate Disclosure
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Author : Wenyao Hu
language : en
Publisher:
Release Date : 2020
Three Essays In Corporate Disclosure written by Wenyao Hu 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.
Three Essays On Corporate Disclosure And Information Externalities
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Author : Yetaotao Qiu
language : en
Publisher:
Release Date : 2020
Three Essays On Corporate Disclosure And Information Externalities written by Yetaotao Qiu 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.
This dissertation includes three essays on corporate disclosure and information externalities. In the first essay, I examine the disclosure behavior of rival firms identified by an Initial Public Offering (IPO) candidate during the IPO quiet period when the IPO candidate is restricted in its communication. I find that the tone of disclosures made by identified rivals becomes more positive during the quiet period, and reverses after the quiet period ends. The strategic disclosure behavior is mainly driven by identified rivals' concerns over product market competition. I also find that this behavior hurts the IPO candidate and benefits the identified rivals. In the second essay, I investigate the relations between IPO firms' peer choice and peer information environment. I find that IPO firms tend to select peer companies with a better information environment, and this effect is more pronounced for IPO firms with greater information uncertainties. I also find support that peer information environment is positively associated with upward offering price revision, post-offering analyst coverage, and negatively associated with the number of amendment filings. Overall, this essay shows that IPO firms can make use of the externalities of peer information to facilitate their initial public offerings. In the third essay, I switch my focus from intra-industry relations to supply chain relations. More specifically, I study the effects of layoff announcements by customers on the valuation and operating performance of their supply chain partners. I find that suppliers experience a negative stock price reaction around their major customers' layoff announcements. The negative price effect is exacerbated when industry rivals of layoff-announcing customers also suffer from negative intra-industry contagion effects. Moreover, these supply chain spillover effects are asymmetric, with only "bad news" layoff announcements causing significant value implications for suppliers, but not "good news" announcements. Supplier firms also reduce their investment in and sales dependence on layoff-announcing customers in subsequent years. Keywords: Disclosure; Product market competition; IPO quiet period; Identified rivals; Information externalities; Peer information environment; Corporate layoffs, Supply chain relations; Stock market return
Three Essays On Corporate Disclosure
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Author : Evgeny Petrov
language : en
Publisher:
Release Date : 2017
Three Essays On Corporate Disclosure written by Evgeny Petrov 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.
Mots-clés de l'auteur: Voluntary Disclosure ; Misreporting ; Earnings Management ; Informed Trading ; Feedback Effect ; Real Effects ; Margin Constraints ; Haircuts ; Information Acquisition ; Asymmetric Information.
Three Essays On Corporate Disclosure By Small And Medium Entities
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Author : Alessandro Ghio
language : en
Publisher:
Release Date : 2018
Three Essays On Corporate Disclosure By Small And Medium Entities written by Alessandro Ghio and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
This Ph.D. thesis studies the determinants and consequences of information asymmetry between investors and financers on the one hand, and managers on the other, in an uncertain and complex environment. I focus on Small and Medium Entities (SMEs) where the links between the two and the associated agency costs are particularly significant. SMEs are concerned by a whole host of contractual issues. The uncertainties surrounding SMEs' activities also affect investor valuations due to the risk of adverse selection. SMEs' disclosure may play an important part in reducing for market participants the uncertainty surrounding SMEs' activities. My Ph.D. thesis, consisting of a general introduction and three chapters representing three self-contained essays, explores (1) the type of financial information relevant to SMEs' investors and financers; (2) managerial decisions following market expectations about SMEs' disclosure; and (3) the impact of social media on SMEs' disclosure.
Three Essays On Corporate Governance And Financial Disclosure
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Author : Qiang Wu
language : en
Publisher:
Release Date : 2000
Three Essays On Corporate Governance And Financial Disclosure written by Qiang Wu 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.
Three Essays On Corporate Voluntary Disclosure
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Author : Liem Thanh Nguyen
language : en
Publisher:
Release Date : 2012
Three Essays On Corporate Voluntary Disclosure written by Liem Thanh Nguyen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Corporate profits categories.
Three Essays On Corporate Information Communications
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Author : Junqi Liu
language : en
Publisher:
Release Date : 2021
Three Essays On Corporate Information Communications written by Junqi Liu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
This dissertation consists of three essays that focus on corporate external communication of accounting information. My dissertation's primary goal is to understand better how firms' financial disclosure behaviors change in response to various internal and external forces. To achieve this goal, I use empirical archival methods and employ several unique settings to examine the influences of three particular forces on firms' financial disclosure activities. Specifically, in the first essay, I focus on a firm's internal production function and ask whether labor cost stickiness shapes income smoothing activities. By contrast, the second and third essays explore the influences of two external factors, namely product market competition with existing rivals and the local information environment, respectively, on firms' mandatory and voluntary disclosure behaviors.
Three Essays On Corporate Environmental Disclosures And Environmental Performance
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Author : Hani Tadros
language : en
Publisher:
Release Date : 2015
Three Essays On Corporate Environmental Disclosures And Environmental Performance written by Hani Tadros 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.
The objective of this dissertation is to study the incentives of firms to disclose their environmental information and examine the reliability of the information disclosed. To achieve this objective, there is a need to first understand what constitutes environmental disclosures. The first essay, a review of prior disclosure studies, provides a classification of the different types of environmental disclosures and a synopsis about the motivation to disclose each type of information, the reliability and the relevance of the information disclosed to different stakeholders. The outcome of this research shows that many types of environmental information are relevant to the financial and non-financial stakeholders; however, there are still other types of information that needs to be researched to finally achieve a comprehensive framework of environmental disclosures. The second essay examines the association between environmental disclosures and firms’ environmental performances. The study provides a framework to explain the disclosure process demonstrating the effect of economic and legitimacy factors, environmental performance, and the media communicating these disclosures on the amount and type of information reported. The results suggest that environmental reporting is biased; where firms with higher levels of environmental performance disclose more voluntary information while firms with low-environmental performance tend to meet the mandatory disclosure requirements. There is little evidence to suggest that firms with low-environmental performances use their environmental disclosures to maintain the legitimacy of their environmental operations. The third essay examines the reliability of environmental performance indicators disclosed. The results suggest that the reporting of firms’ EPIs might be free of bias as the study finds no association between the information disclosed and firms’ environmental performance. In general, the dissertation provides assurances over the reliability of environmental information disclosed. There is no denial that firms are subject to pressures from non-financial stakeholders to justify the impact of their operations on the environment. This dissertation shows that firms attempt to use their environmental disclosures to mitigate the effects of these pressures; however, it also suggests that the need to legitimize their operations is not the main driver behind the reporting of environmental information.
Challenges In Management Control And Corporate Disclosures
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Author : Kim Theresa Baumgartner
language : en
Publisher:
Release Date : 2019
Challenges In Management Control And Corporate Disclosures written by Kim Theresa Baumgartner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.