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Author : Christian W. Kretzmann
Release : 2016
Genre :
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis The Interrelation of Corporate Disclosure and Capital Markets by : Christian W. Kretzmann
Download or read book The Interrelation of Corporate Disclosure and Capital Markets written by Christian W. Kretzmann. This book was released on 2016. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Saskia Jarick
Release : 2011-07
Genre : Business & Economics
Kind : eBook
Book Rating : 672/5 ( reviews)
Book Synopsis The Impact of Corporate Textutal Disclosure on Capital Markets by : Saskia Jarick
Download or read book The Impact of Corporate Textutal Disclosure on Capital Markets written by Saskia Jarick. This book was released on 2011-07. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2011 in the subject Business economics - Accounting and Taxes, grade: 1.3, University of Mannheim, language: English, abstract: Each year, firms disclose information that is analyzed and eventually reflected in the market price. Sources of information are for example annual reports, earnings announcements and press releases. In the past, financial accounting research focused primarily on the numerical financial information disclosed (cf. Hales et al. 2011, 224).1 Interestingly, research showed that asset price movements could only partly be explained by this quantitative information and thus must have additional influencing factors (cf. Demers/Vega 2010, 2). Since corporate disclosure generally consists only to a small fraction of qualitative data and dominantly of textual information (cf. Li 2011, 1)2, and since language is the natural medium through which people communicate, financial accounting research started to focus on the analysis of textual disclosure (cf. Hales et al. 2011, 224). Results of these studies show that different aspects of textual disclosure, like the tone (how information is written/expressed) or the readability can influence for example market prices or analyst behavior (e.g. Li 2010 or Tetlock/Saar-Tsechansky/Macskassy 2008). This paper focuses on research in the field of tone as important characteristic of corporate textual disclosure. Its aim is to provide an overview about the most recent approaches and about challenges that researchers face. The remainder of this paper proceeds as follows. In section 2 the importance of textual analysis and the information content of textual information are discussed. Furthermore this section provides an overview about different approaches to characterize textual disclosure and a tabular classification of the recent literature. Since this paper focuses on the tone of textual disclosure, different approaches to measure tone are discussed as well. In section 3 two recent studi
Author : Henry Perrin Garsombke
Release : 1976
Genre : Corporations
Kind : eBook
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Book Synopsis The Relationship Between Corporate Disclosure and Risk by : Henry Perrin Garsombke
Download or read book The Relationship Between Corporate Disclosure and Risk written by Henry Perrin Garsombke. This book was released on 1976. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Danil A. Borilo
Release : 2016
Genre :
Kind : eBook
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Book Synopsis Essays on Capital Markets and Corporate Disclosure by : Danil A. Borilo
Download or read book Essays on Capital Markets and Corporate Disclosure written by Danil A. Borilo. This book was released on 2016. Available in PDF, EPUB and Kindle. Book excerpt: This thesis studies how a firm's disclosure decisions are affected by the interaction between prevailing financial reporting regulation and managerial incentives. Chapter 1 summarizes studies related to this thesis. I focus on rules that require a firm to issue regular financial statements. As a result, the release of some information about a firm's performance and financial condition is inevitable. However, since financial statements do not fully reflect all value-relevant information, a firm's manager can still affect the interpretation of this information via voluntary disclosure. In Chapter 2, I study how reputational concerns of a firm's manager affect her voluntary disclosure decisions. I show that interpretation of both the firm's report and voluntarily disclosed information depend on the timing of the disclosure relative to disclosures made by other firms in the same industry. In Chapter 3, I consider the case when private information of the firm's manager cannot be credibly communicated to outside investors and a mandatory financial report is the only available information channel about firm value. As a result, the noisiness of a financial report will lead investors to overvalue some firms and undervalue others. I show that allowing for misreporting can increase social welfare if a firm must rely on external capital in order to finance its investment opportunities. Overall, my results emphasize the importance of taking into account strategic disclosure decisions of managers for regulators, investors, and analysts.
Author : Paul M. Healy
Release : 2009
Genre :
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Book Synopsis Information Asymmetry, Corporate Disclosure and the Capital Markets by : Paul M. Healy
Download or read book Information Asymmetry, Corporate Disclosure and the Capital Markets written by Paul M. Healy. This book was released on 2009. Available in PDF, EPUB and Kindle. Book excerpt: Corporate disclosure is critical for the functioning of an efficient capital market. Firms provide disclosure through regulated financial reports, including the financial statements, footnotes, management discussion and analysis, and other regulatory filings. In addition, some firms engage in voluntary communication, such as management forecasts, analysts? presentations and conference calls, press releases, internet sites, and other corporate reports. Finally, there are disclosures about firms by information intermediaries, such as financial analysts, industry experts, and the financial press.
