Three Essays On Corporate Disclosure And Information Externalities
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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 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.
The Theory Of Money And Financial Institutions
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Author : Martin Shubik
language : en
Publisher: MIT Press
Release Date : 1999
The Theory Of Money And Financial Institutions written by Martin Shubik and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.
The Logic Of Securities Law
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Author : Nicholas L. Georgakopoulos
language : en
Publisher: Cambridge University Press
Release Date : 2017-05-04
The Logic Of Securities Law written by Nicholas L. Georgakopoulos and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-04 with Business & Economics categories.
This book explains both financial markets and securities regulation in simple yet sophisticated terms.
The Way To The Trve Chvrch
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Author : John White
language : en
Publisher:
Release Date : 1612
The Way To The Trve Chvrch written by John White and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1612 with categories.
Sustainable Development Of Human Resources In A Globalization Period
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Author : Shaikh, Erum
language : en
Publisher: IGI Global
Release Date : 2022-06-24
Sustainable Development Of Human Resources In A Globalization Period written by Shaikh, Erum and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-06-24 with Business & Economics categories.
The concept of sustainability and sustainable development is growing rapidly and has great importance in the different aspects of social and economic development at the national and international levels. This idea is characterized as a process that links economic and social factors while maintaining the ecological levels of analysis, such as national, regional, international, organizational, and individual. Sustainable human resource management (HRM) features a set of techniques and procedures of HRM that enable the attainment of social, financial, and environmental goals with an influence both inside and outside of the business while managing the unexpected consequences. Sustainable Development of Human Resources in a Globalization Period explores the dynamics of sustainability in the context of the development of human resources. The book further discusses different strategies for the betterment, welfare, and operation of organizations. Covering topics such as digital media determinism, organizational commitment, and worker performance, this premier reference source is an essential title for business leaders and managers, human resource managers, nonprofit organizations, students and faculty of higher education, libraries, researchers, and academicians.
Dissertation Abstracts International
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Author :
language : en
Publisher:
Release Date : 2009
Dissertation Abstracts International written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Dissertations, Academic categories.
Earnings Management
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Author : Joshua Ronen
language : en
Publisher: Springer Science & Business Media
Release Date : 2008-08-06
Earnings Management written by Joshua Ronen and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-08-06 with Business & Economics categories.
This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Three Essays In Applied Microeconomics
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Author : Lori Lynn Parcel
language : en
Publisher:
Release Date : 2008
Three Essays In Applied Microeconomics written by Lori Lynn Parcel 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.
Public Disclosure And Bank Failures
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Author : Mr.Tito Cordella
language : en
Publisher: International Monetary Fund
Release Date : 1997-08-01
Public Disclosure And Bank Failures written by Mr.Tito Cordella and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-08-01 with Business & Economics categories.
This paper examines how public disclosure of banks’ risk exposure affects banks’ risk-taking incentives and assesses how the presence of informed depositors influences the soundness of the banking system. It finds that, when banks have complete control over the volatility of their loan portfolios, public disclosure reduces the probability of banking crises. However, when banks do not control their risk exposure, the presence of informed depositors may increase the probability of bank failures.