Three Essays On Market Transparency
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Three Essays On Market Transparency
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Author :
language : en
Publisher:
Release Date : 2013
Three Essays On Market Transparency written by 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.
Three Essays On Environmental Social And Governance Transparency
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Author : Hendijani Zadeh Mohammad
language : en
Publisher:
Release Date : 2020
Three Essays On Environmental Social And Governance Transparency written by Hendijani Zadeh Mohammad 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 is comprised of three essays on determinants and consequences of Environmental, Social, and Governance (ESG) Transparency. Transparency refers to high quantity of material and value relevant information about ESG issues. In the first essay, we explore the relationship between our two variables of interest (i.e., audit quality and public media exposure) and ESG transparency on a sample of publicly listed Canadian firms in in the S&P/TSX Index of the Toronto Stock Exchange. Results show that audit quality and public media exposure are two main drivers of ESG transparency, hence, commitment to high quality audits and exposure to high public media coverage drive firms to be more transparent about ESG issues. Finally, as a consequence of ESG transparency, we find a negative association between ESG transparency and firm-level investment inefficiency. The second essay examine whether the transparency of environmental and social (E&S) information affects financial analysts' forecast properties that reflect their information set. Focusing on a sample of non-financial and non-utility U.S. firms from the S&P 500 index, results suggest that the level of transparency vis-à-vis both E&S information is negatively related to analysts' forecast errors as well as forecast dispersion. These negative relationships become more pronounced for firms with low financial reporting quality, low media coverage, and for those with weak governance. Finally, we find that E&S transparency relates with investment efficiency essentially via analysts` information environment, which thus acts as a mediating variable. This finding is consistent with financial analysts also playing a monitoring role in capital markets. The third essay, we investigate how a firm's (E&S) transparency relates with its cash holdings. Focusing on a large sample of S&P 500 firms, results show that a higher level of E&S transparency implies lower firm-level cash holdings. The negative relationship is more pronounced for firms suffering from high information asymmetry, with low financial reporting quality, and for those with weak governance. Further analyses document that the two channels and mechanisms by which E&S transparency affect firm-level cash holdings are the cost of debt and financial constraints. Finally, our findings suggest that E&S transparency increases the market value relevance of an additional dollar in cash holdings.
Three Essays On The Consequences Of Transparency
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Author : Tobias Witter
language : en
Publisher:
Release Date : 2023*
Three Essays On The Consequences Of Transparency written by Tobias Witter 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.
Englische Version: This dissertation comprises three essays which empirically investigate consequences of transparency. The first essay investigates how transparency, demanded by the government as a customer of firms, affects firms' financial reporting. It provides evidence that, relative to firms without government customers, government suppliers have a higher quality of financial reporting. Findings indicate that government procurement requirements, which are linked to internal control over financial reporting, can positively affect the external information environment of firms. The second essay examines how managers react to a stricter transparency mandate in pension accounting, if this mandate increases the expected volatility of balance sheet items. Managers of affected firms change decisions on pension plans which mitigate volatility and in addition, affected firms exhibit less volatile accruals but more volatile discretionary real actions suggesting managers reduce volatility in balance sheets. Findings imply that a transparency mandate in pension accounting may have (unintended) consequences for managerial decision-making if the mandate reveals more economic volatility on balance sheets. The third essay studies how (data-transparently) researchers visualize their quantitative findings and how this affects the impact of academic work. It finds that, compared to articles in field-specific economics journals, articles in economics journals with a broader audience use more figures than tables and that articles visualizing (data-transparently) with figures receive more citations. An online experiment, which manipulates how a fictive study visualizes scientific results, finds that participants assess the internal validity of research as being higher and are more willing to cite research if it visualizes results data-transparently. The findings imply that (data-transparent) visualization can enhance the impact of academic work.
Three Essays On The Crisis In Transparency Arising From The Financial Crisis Of 2007 2008
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Author : John Zhang
language : en
Publisher:
Release Date : 2012
Three Essays On The Crisis In Transparency Arising From The Financial Crisis Of 2007 2008 written by John Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Banks and banking categories.
A lesson learned by regulators from the 2007-2008 financial crisis is that the stability and efficiency of capital markets rely on the transparency of financial statements (Casey 2009; Shapiro 2010). The financial crisis of 2007 revealed a crisis in transparency. This thesis examines three important accounting Issues related to the crisis in transparency.
Shrouded Information And Strategic Transparency Three Essays On Price Obfuscation
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Author : Elizabeth Bennett Chiles
language : en
Publisher:
Release Date : 2017
Shrouded Information And Strategic Transparency Three Essays On Price Obfuscation written by Elizabeth Bennett Chiles 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.
Many firms engage in activities aimed at making prices less transparent - tactics that may be referred to collectively as price obfuscation. Existing theory does not explain the substantial heterogeneity that exists both within and across industries with respect to the prevalence of these practices. The essays herein thus seek to shed further light on this phenomenon. In particular, I address several interrelated questions: what incentives drive firms to obfuscate in the first place, what are the potential consequences (if any) of doing so, and how do these tradeoffs vary depending on firm characteristics and market conditions? Novel empirical results are drawn from U.S. hotel industry data in Chapters 1 and 2; in Chapter 3, I synthesize existing price obfuscation literature from a range of disciplines and provide several illustrative case studies. Taken together, these three essays build toward a more comprehensive theoretical framework for understanding why, in practice, some firms utilize obfuscation (and deceptive tactics more broadly) while others do not.
Three Essays On Financial Stability Transparency And The Macroeconomy
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Author : Nicole Allenspach
language : en
Publisher:
Release Date : 2014
Three Essays On Financial Stability Transparency And The Macroeconomy written by Nicole Allenspach 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.
Three Essays On Financial Markets
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Author : Pawan Jain
language : en
Publisher:
Release Date : 2013
Three Essays On Financial Markets written by Pawan Jain 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.
This dissertation is composed of three essays. The first essay investigates the information content of the limit order book (LOB) on the Shanghai Stock Exchange (SHSE), a purely order-driven market, for predicting future stock price volatility. We find that the LOB supply schedule consistently and significantly predicts the future price volatility. But this predictive power of LOB declines during the extreme market wide movements. We also find that buy orders are more informative over future price volatility than sell orders but sell (buy) orders becomes more informative during the extreme market wide down (up) movement days. Finally, we document that predictive power of LOB is short lived and markets are efficient over the longer time horizon. The second essay examines the effect of high frequency trading on market quality, systemic risk and trading strategies. In 2010 the Tokyo Stock Exchange, the largest exchange headquartered outside the US, introduced a new trading platform, Arrowhead, which reduced latency by 99.97% and increased co-located high-frequency trading from zero to 36% of volume. Arrowhead improved market liquidity and reduced volatility, but it also amplified systematic risks factors like quotes to trade ratio, order-flow autocorrelation and cross correlation, and tail risks. Arrowhead also affected trading strategies by increasing trade price predictability and the use of fleeting orders. Cost of immediacy serves as a channel through which reduced latency affects market quality, systematic risks, and trading outcome. The third essay analyzes the links between corporate finance policies and investment clienteles by comparing the cross-sectional variation in the dividend payout policies of companies across 32 countries. Beyond the impact of firm-specific accounting and financial variables, this study investigates how the country level variations: shareholder demand due to demographic variations and consumption needs, agency problems manifested in the extent of minority shareholder protection and business disclosures, and market quality in terms of transparency and liquidity; affect dividend payout policies. We find that firms have generous dividend payout policies when diverse shareholder demands are strong, extents of business disclosures and legal protections are weak, and the market qualities are poor. The empirical evidence supports the presence of strong dividend clienteles in a global setting. .
Three Essays On The Impact Of Information And Transparency In Firms
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Author : Lloyd Robert Wade (III.)
language : en
Publisher:
Release Date : 2011
Three Essays On The Impact Of Information And Transparency In Firms written by Lloyd Robert Wade (III.) 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.
Essays On Transparency Systemic Risk And Liquidity In Real Estate Markets
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Author : Daniel Ruf
language : en
Publisher:
Release Date : 2018
Essays On Transparency Systemic Risk And Liquidity In Real Estate Markets written by Daniel Ruf 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 dissertation consists of three essays on transparency, systemic risk, and liquidity in real estate markets. The first essay proposes a benchmark portfolio that contains property markets with a higher level of pre-trade transparency to assess expected returns in opaque commercial real estate markets. We find empirical evidence of abnormal returns in opaque markets relative to the benchmark portfolio. Based on pre-trade transparency, we test for information-based co-movements between transparent and less transparent property markets. Revealed post-trade information of how changes in macroeconomic fundamentals affect the valuation of commercial real estate in transparent markets leads to spillover effects to less transparent markets. We also test for learning externalities from the benchmark portfolio to opaque markets. These externalities can be related to different learning-based investment strategies such as cultural familiarity or information advantages from specializing in opaque markets. The second essay analyzes systemic risk in financial center office markets. Based on the expected capital shortfall of financial institutions, we compute the total systemic risk in the banking sector of financial centers. We show that cross-sectional dependence and return co-movements among financial center office markets arise due to the systemic banking sector risk during financial turmoil periods. As crisis periods, we use the dotcom bubble burst in 2001 and the recent financial crisis 2007/2008. Exploiting spatial econometrics, we test for return co-movements among office markets during normal times as a placebo test and among counterfactual retail markets. We also show that the decline in office market returns during financial turmoil is larger in financial centers compared to non-financial centers. The last essay analyzes the impact of nearby located urban agglomeration centers on local rental housing market liquidity. The empirical.
Three Essays In Monetary Economics
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Author : Qiao Zhang
language : en
Publisher:
Release Date : 2014
Three Essays In Monetary Economics written by Qiao Zhang 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.
In this dissertation, my research aims at dwelling on the questions, at understanding and explaining -- as a follow of current strand of literature on financial frictions -- the mechanisms that allowed the imperfect and perfect credit intermediation to affect the dynamics of economy and the transmission of monetary policy, and providing a new theoretical formulation for evaluating the unconventional monetary policy. To do this, I first considered the impact of financial intermediation on the analysis of central bank transparency issue (Chapter 2). ln Chapter 3, I focused on the role played by the imperfect financial intermediation/financial frictions in the transmission of shocks : through which mechanisms, do the presence of balance-sheet constraint financial intermediaries affect the effect of shocks on the macroeconomy? Finally, in Chapter 4, 1 construct an theoreticalmodel to analyze an important issue which have net been carried out in existing literature: the transmission mechanism of the central bank's large-scale purchase of mortgage-backed securities. ln this chapter, I first simulated a financial crisis to see if the model is able to replicate some of the most important stylized facts of the Great Recession. Then, basing on the simulated crisis, I examine the efficacy and transmission mechanism of large scale purchases of MBS through comparing these purchases to the purchases of corporate bonds. This experiment is conducted in two credit market configurations, i.e., a partially and a totally segmented credit market. The latter case of market condition is considered by many economists as main obstacle that impedes the nominal functioning of the financial markets. ln this work, we have obtained rich and important findings for guiding the use of unconventional monetary policy. The following parts briefly present the findinqs of the thesis.