The Economic Consequences Of Increased Disclosure PDF Download
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Author | : David Hirshleifer |
Publisher | : |
Total Pages | : 268 |
Release | : 2004 |
Genre | : American depository receipts |
ISBN | : |
Download The Economic Consequences of Increased Disclosure Book in PDF, ePub and Kindle
Author | : Warren Bernard Bailey |
Publisher | : |
Total Pages | : 56 |
Release | : 2002 |
Genre | : Disclosure in accounting |
ISBN | : |
Download The Economic Consequences of Increased Disclosure Book in PDF, ePub and Kindle
Author | : Christian Leuz |
Publisher | : |
Total Pages | : 98 |
Release | : 1999 |
Genre | : |
ISBN | : |
Download The Economic Consequences of Increased Disclosure Book in PDF, ePub and Kindle
Author | : Warren Bernard Bailey |
Publisher | : |
Total Pages | : 55 |
Release | : 2004 |
Genre | : Disclosure in accounting |
ISBN | : |
Download The Economic Consequences of Increased Disclosure Book in PDF, ePub and Kindle
Author | : Haiyan Zhou |
Publisher | : |
Total Pages | : 506 |
Release | : 2003 |
Genre | : Accounting |
ISBN | : |
Download Economic Consequences of Increased Accounting Disclosure Book in PDF, ePub and Kindle
Author | : Vera Palea |
Publisher | : FrancoAngeli |
Total Pages | : 132 |
Release | : 2006 |
Genre | : Business & Economics |
ISBN | : 9788846480880 |
Download IAS/ IFRS Book in PDF, ePub and Kindle
Author | : Haiyan Zhou |
Publisher | : |
Total Pages | : |
Release | : 2009 |
Genre | : |
ISBN | : |
Download The Economic Consequences of Increased Disclosure Book in PDF, ePub and Kindle
In this paper we investigate the impact of cross-listings on information asymmetry risk, the cost of capital and firm value of a group of cross-listed Chinese companies. Our paper is the first to examine the effect of cross-listing on information asymmetry risk. Because cross-listed firms are subject to increased disclosure requirements, increased regulatory scrutiny and increased legal liability, we propose that Chinese cross-listed firms have lower information asymmetry risk, lower cost of capital and higher firm value than their non-cross-listed counterparts. We find in both univariate and multivariate tests that cross-listed firms enjoyed lower information asymmetry risk in the domestic market compared with the non-cross-listed firms. We also find that cross-listed firms have lower cost of capital in the cross-listing market than non-cross-listed firms in the domestic markets. Finally, we find that cross-listed firms are associated with higher firm value as measured by Tobin's Q. These results have implications for international investors and companies seeking cross-listing opportunities.
Author | : Simon Kröger |
Publisher | : GRIN Verlag |
Total Pages | : 26 |
Release | : 2020-08-05 |
Genre | : Business & Economics |
ISBN | : 3346219763 |
Download The Expected Costs of Increased Disclosure. Firm- and Industry-specific Forces Book in PDF, ePub and Kindle
Seminar paper from the year 2020 in the subject Business economics - Accounting and Taxes, grade: 1.0, Mannheim University of Applied Sciences, language: English, abstract: A series of financial crises and corporate scandals gave rise to increasing concerns about prevailing models of corporate governance and disclosure and stimulated financial disclosure and reporting regulation. As a result, there has been considerably more interest in documenting the benefits of increased disclosure than its costs. Accordingly, numerous papers purport to provide evidence of capital market benefits through incremental disclosure. At the same time, firms refrain from voluntarily committing to increased disclosure, implying that there must be a trade-off between associated benefits and costs. Consequently, critics contend that the capital market benefits are inconclusive. Instead, increased disclosure may result in adverse capital market effects through increasing information asymmetry. Moreover, critics predict that increased disclosure imposes further costs on the firm. The purpose of this seminar thesis is to review existing literature on these expected costs of increased disclosure. Thereby, I focus on controversies regarding the heavily debated capital market effects as well as on specific forces that determine proprietary and litigation costs associated with increased disclosure. While a firm’s disclosure choices likely are a joint outcome of market forces and incentives provided by regulation, the seminar thesis is limited to voluntary disclosure choices as a starting point for possible disclosure regulation. The remainder of the seminar thesis is structured as follows. Section 2 reviews the literature on the capital market effects of voluntary disclosure through its impact on information asymmetry. Section 3 discusses the ambiguous impact of voluntary disclosure on litigation and proprietary costs. Section 4 concludes the seminar thesis.
Author | : Joshua Madsen |
Publisher | : |
Total Pages | : 73 |
Release | : 2018 |
Genre | : |
ISBN | : |
Download Economic Consequences of Risk and Ability Disclosures Book in PDF, ePub and Kindle
We exploit the introduction of a "risks and challenges" (RC) section on the crowdfunding website Kickstarter.com to study the role of disclosure in markets characterized by severe information asymmetries and agency frictions. Although the RC section contains voluntary and unaudited disclosures, after its addition projects with already observably risky characteristics attract fewer backers and are less likely to be funded, and project creators who respond to the prompt to discuss risks and abilities increase their non-risk disclosures and use a financing structure that accommodates greater risk. Risky projects attract relatively more backers and funding when project creators respond to the prompt, consistent with increased disclosure mitigating market frictions. Our findings suggest that crowdfunders change the types of projects they support and that project creators modify their disclosures and financing structure when prompted to consider risks.
Author | : Yaniv Grinstein |
Publisher | : |
Total Pages | : 49 |
Release | : 2017 |
Genre | : |
ISBN | : |
Download The Economic Consequences of Perk Disclosure Book in PDF, ePub and Kindle
In December 2006 the SEC issued new rules requiring enhanced disclosure, by public US firms, of perquisites granted to their executives. The rules applied to perquisites granted in fiscal year 2006 and thereafter. Because the rules were implemented quickly, the perks disclosed for 2006 reflect the arrangements firms made under prior disclosure rules: firms could not revise perks to reflect the new rules until 2007. For firms that disclose for the first time in 2006, we predict and find that perks decrease in 2007, reflecting both the costs of increased disclosure and enhanced monitoring. This decrease in perks is offset by higher levels of non-perk compensation, however. We also predict and find that the effect of perk disclosure by formerly non-disclosing firms in 2006 leads to higher perks in 2007 for firms that were disclosing perks prior to the rule change.