Audit Committee Accounting Expertise Analyst Following And Market Liquidity PDF Download
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Author | : David B. Farber |
Publisher | : |
Total Pages | : 44 |
Release | : 2019 |
Genre | : |
ISBN | : |
Download Audit Committee Accounting Expertise, Analyst Following, and Market Liquidity Book in PDF, ePub and Kindle
We study the relation between audit committee accounting expertise, analyst following, and market liquidity. Our main results indicate that analyst following increases subsequent to the appointment of an accounting expert to the audit committee. We also provide evidence that accrual quality, as opposed to audit quality or management earnings forecasts, is the channel through which accounting expertise increases analyst following and improves analyst forecast properties. We also show that audit committee accounting expertise is related to higher trading volume and lower liquidity risk, supporting incentives for greater analyst following. Our study extends prior literature by providing evidence that audit committee accounting expertise enhances firms' information environment beyond the effects it has on financial reporting quality or analysts' forecast properties. Our study also complements the literature on determinants of analyst following and market liquidity, both of which are related to cost of capital. Results from our study should be useful to firms seeking to enhance analyst following and market liquidity.
Author | : Darren T. Roulstone |
Publisher | : |
Total Pages | : 0 |
Release | : 2004 |
Genre | : |
ISBN | : |
Download Analyst Following and Market Liquidity Book in PDF, ePub and Kindle
This paper investigates the relation between analyst characteristics (number of analysts following a firm and their forecast dispersion) and market liquidity characteristics (bid-ask spreads and depths and the adverse-selection component of the spread). Prior research has found contradictory results on the relation between analyst following and market liquidity and has offered differing theories on how analysts affect liquidity. While prior research has posited analysts as proxies for privately informed trade or as signals of information asymmetry, I hypothesize that analysts provide public information, implying that analyst following (forecast dispersion) should have a positive (negative) association with liquidity. Cross-sectional simultaneous estimations provide support for this hypothesis. The results are both statistically significant and economically important. Granger-causality tests indicate that analyst characteristics lead market liquidity characteristics. These results clarify the role of analysts in providing information to financial markets and highlight benefits of increased analyst following.
Author | : J. Jay Choi |
Publisher | : Emerald Group Publishing |
Total Pages | : 388 |
Release | : 2012-10-17 |
Genre | : Business & Economics |
ISBN | : 1780527640 |
Download Transparency in Information and Governance Book in PDF, ePub and Kindle
For this volume we have collected 12 original research papers dealing with various issues relating to transparency. This topic spans many disciplines beyond accounting and finance, intersecting economics, law and management, embracing sociology and political science, and offering opportunities for creative interdisciplinary research. We hope this v
Author | : Mark H. Lang |
Publisher | : |
Total Pages | : 58 |
Release | : 2016 |
Genre | : |
ISBN | : |
Download Transparency and Liquidity Uncertainty in Crisis Periods Book in PDF, ePub and Kindle
We document, for a global sample, that firms with greater transparency (based on accounting standards, auditor choice, earnings management, analyst following and forecast accuracy) experience less liquidity volatility, fewer extreme illiquidity events and lower correlations between firm-level liquidity and both market liquidity and market returns. Results are robust to numerous sensitivity analyses, including controls for endogeneity and propensity matching. Results are particularly pronounced during crises, when liquidity variances, covariances and extreme illiquidity events increase substantially, but less so for transparent firms. Finally, liquidity variance, covariance and the frequency of extreme illiquidity events are all negatively correlated with Tobin's Q.
Author | : United States. Congress. Senate. Committee on Governmental Affairs |
Publisher | : |
Total Pages | : 108 |
Release | : 2002 |
Genre | : Credit ratings |
ISBN | : |
Download Financial Oversight of Enron Book in PDF, ePub and Kindle
Author | : Joshua Ronen |
Publisher | : Springer Science & Business Media |
Total Pages | : 587 |
Release | : 2008-08-06 |
Genre | : Business & Economics |
ISBN | : 0387257713 |
Download Earnings Management Book in PDF, ePub and Kindle
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?
Author | : |
Publisher | : Lulu.com |
Total Pages | : 294 |
Release | : 2004 |
Genre | : Bank capital |
ISBN | : 9291316695 |
Download International Convergence of Capital Measurement and Capital Standards Book in PDF, ePub and Kindle
Author | : United States. Congress. Senate. Committee on Agriculture, Nutrition, and Forestry |
Publisher | : |
Total Pages | : 716 |
Release | : 1990 |
Genre | : Commodity exchanges |
ISBN | : |
Download Futures Trading Practices Act of 1989--S. 1729 Book in PDF, ePub and Kindle
Author | : Laura F. Spira |
Publisher | : Springer Science & Business Media |
Total Pages | : 191 |
Release | : 2007-05-08 |
Genre | : Business & Economics |
ISBN | : 030647655X |
Download The Audit Committee: Performing Corporate Governance Book in PDF, ePub and Kindle
Why do we need to understand audit committees? The Cadbury Committee recommended that UK companies should adopt them in response to financial scandals that have stemmed from dubious financial reporting practices. In other countries, similar commissions have made similar recommendations and audit committees are now a common institution. However, many practitioners doubt whether an audit committee really does much to ensure the integrity of a firm's financial statements because, as outsiders, members don't know enough to dig deeply beneath the numbers. The Audit Committee: Performing Corporate Governance argues that such criticism overlooks the ceremonial function of these committees. The audit committee is an arena where members can form and strengthen shifting and fragmentary networks with each other and with the external auditors. Within these networks, both consensus and independence are demonstrated, generating comfort, which legitimises the company and maintains its access to external sources of capital. The audit committee is a key part of the corporate governance structure within an organisation. Many in the UK have been patched together to meet regulatory requirements and their operation is poorly understood because few people other than their members have access to their deliberations. In this account of the world of audit committees the practitioner will find the ethnographical perspectives on ceremonial performance, consensus, independence, and comfort both familiar and different. It's like looking at a photograph of something commonplace from an unusual angle or through a strange-shaped lens.
Author | : United States. National Credit Union Administration |
Publisher | : |
Total Pages | : 32 |
Release | : 1996 |
Genre | : Business failures |
ISBN | : |
Download National Credit Union Administration Book in PDF, ePub and Kindle