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| Author | : Daniel F. Essa |
| Publisher | : |
| Total Pages | : 72 |
| Release | : 2001 |
| Genre | : Disclosure of information |
| ISBN | : |
| Author | : Bin Ke |
| Publisher | : |
| Total Pages | : 46 |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
We assess the impact of Reg FD on the trading behavior of transient institutional investors in the quarter prior to a bad news break in a string of consecutive earnings increases. Bad news breaks are defined as breaks that are by growth firms, preceded by longer strings of consecutive earnings increases, followed by longer strings of consecutive earnings decreases, and associated with larger declines in earnings. Pre Reg FD transient institutions have abnormal selling of stocks in the quarter immediately preceding a bad news break. This abnormal selling is confined to firms that held conference calls in the pre Reg FD period. However, in the post Reg FD period transient institutions do not exhibit similar abnormal selling of stocks in the quarter before a bad news break. Furthermore, after Reg FD transient institutions allocate less of their stock portfolios to conference call firms relative to non-conference call firms in the quarters prior to a bad news break. These results demonstrate that Reg FD has had an impact on management's selective disclosure behavior and significantly changed the trading behavior of transient institutions.
| Author | : Chun I. Lee |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2004 |
| Genre | : |
| ISBN | : |
On 23 October 2000, the U.S. SEC put Regulation Fair Disclosure into effect. It requires companies to disseminate releases of material information to all investors, not selectively. Proponents of Regulation FD argued that the flow of information would improve; critics of the regulation asserted that Regulation FD would increase volatility and reduce the quantity of information being released into the market, resulting in an increase in asymmetric information. We examined components of the bid-ask spread surrounding news releases and trading activity by retail versus institutional investors before and after the institution of Regulation FD. Our results indicate no significant increase in volatility after Regulation FD, and we found little or no increase in the adverse-selection component of bid-ask spreads. Overall, our results do not support critics of Regulation FD.
| Author | : Paul Borochin |
| Publisher | : |
| Total Pages | : 70 |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
We find that ownership by different types of institutional investors has varying implications for future firm misvaluation and governance characteristics. Dedicated institutional investors decrease future firm misvaluation, in both direction and magnitude, relative to fundamentals. In contrast, transient institutional investors have the opposite effect. Using SEC Regulation FD as an exogenous shock to information dissemination, we find evidence consistent with dedicated institutions having an information advantage. Similarly, dedicated investors are associated with better future governance characteristics, while transient investors are not. The valuation effects are primarily driven by institutional portfolio concentration while the governance effects are driven by portfolio turnover. These results imply a more nuanced relationship between institutional ownership and firm value and corporate governance.
| Author | : |
| Publisher | : |
| Total Pages | : 848 |
| Release | : 2005 |
| Genre | : Securities |
| ISBN | : |
| Author | : Philip M J Reckers |
| Publisher | : Elsevier |
| Total Pages | : 387 |
| Release | : 2005-06-02 |
| Genre | : Business & Economics |
| ISBN | : 0080460518 |
Now in its twenty-first edition, Advances in Accounting continues to provide an important forum for discourse among and between academic and practicing accountants on issues of significance to the future of the discipline. Emphasis continues to be placed on original commentary, critical analysis and creative research - research that promises to substantively advance our understanding of financial markets, behavioral phenomenon and regulatory policy. Technology and aggressive global competition have propelled tremendous changes over the two decades since AIA was founded. A wide array of unsolved questions continues to plague a profession under fire in the aftermath of one financial debacle after another and grabbling with the advent of international accounting standards. This volume of Advances in Accounting not surprisingly includes articles reflective of recent focus on corporate governance, earnings management and the influence of the CEO, the accuracy of earnings forecasts and the value relevance or voluntary and mandated disclosures. This volume also looks at challenges facing the academic community with respect to technology and addresses pedagogical advances holding promise. AIA continues its commitment to the global arena by publishing research with an international perspective in the International Section inaugurated in Volume 20. As never before the accounting profession is seeking ways to reinvent itself and recapture relevance and credibility. AIA likewise continues to champion forward thinking research.
| Author | : United States. Securities and Exchange Commission |
| Publisher | : |
| Total Pages | : 2340 |
| Release | : 1999 |
| Genre | : Securities |
| ISBN | : |
| Author | : |
| Publisher | : |
| Total Pages | : 1040 |
| Release | : 2003 |
| Genre | : Corporate governance |
| ISBN | : |
| Author | : Levy |
| Publisher | : Wolters Kluwer |
| Total Pages | : 1470 |
| Release | : 2016-01-01 |
| Genre | : Business & Economics |
| ISBN | : 1454880376 |
Regulation of Securities: SEC Answer Book, Fifth Edition is your complete guide to understanding and complying with the day-to-day requirements of the federal securities laws that affect all public companies. Using a question-and-answer format similar to that which the SEC has embraced, this valuable desk reference provides concise, understandable answers to the most frequently asked compliance questions, and ready access to key statutes, regulations, and court decisions. Designed for both beginners and seasoned professionals, the volume contains approximately 1,400 pages organized in 23 self-contained chapters. Each chapter covers the basics before moving into the nuanced details, meeting the needs of those who seek a general understanding of a topic as well as those grappling directly with critical issues. Twice-yearly supplements keep the book current in this rapidly evolving field. Whether you are a lawyer, accountant, corporate executive, director or investor, you'll be able to quickly find concise answers to essential questions about the Dodd-Frank Act, Exchange Act registration and reporting, executive compensation disclosure, derivatives disclosure, management's discussion and analysis, audit committee responsibilities, Sarbanes-Oxley, electronic filing, interactive financial data, tender offers, proxy solicitations, insider trading, going private transactions, shareholders' rights, SEC investigations, criminal enforcement, securities class actions, and much more!
| Author | : Gary Previts |
| Publisher | : Elsevier |
| Total Pages | : 347 |
| Release | : 2004-09-17 |
| Genre | : Business & Economics |
| ISBN | : 0080545459 |
The scope of service provided by professional accountants is influenced by legislation and case law as well as the dictates of a variety of government and private sector agencies: including State Boards of Accountancy, Academic Accreditation Bodies, the United States Securities and Exchange Commission, the Public Company Accounting Oversight Board, independent standard setting bodies such as the Federal Accounting Standards Advisory Board (US), the Financial Accounting Standards Board (US), the International Accounting Standards Board and self-regulatory organizations such as State Societies of CPA and the American Institute of Certified Public Accountants. There are equivalent and emerging local international bodies that exist in most developed countries. It is important for academics, students, practitioners, regulators and researchers to consider, study and understand the role and relationship of such bodies with the practice and content of our discipline. Research in Accounting Regulation is a refereed annual serial that seeks to publish high quality manuscripts, which address regulatory issues and policy affecting the practice of accountancy, broadly defined. Topics of interest include research based on: 1) Self-regulatory activities. 2) Case law and litigation. 3) Governmental and quasi-governmental regulation. 4) The economics of regulation, including modelling. This research series aims to encourage the submission of original empirical, behavioural or applied research manuscripts that consider strategic and policy implications for regulation, regulatory models and markets. It is intended for individual researchers, practitioners, regulators and students of accountancy who desire to increase their understanding of the regulation of accountancy.
