Voluntary Disclosure and Information Asymmetry: Evidence from the 2005 Securities Offering Reform
نویسندگان
چکیده
منابع مشابه
Economic Consequences of Voluntary Disclosure Before Seasoned Equity Offerings: The Impact of the 2005 Securities Offering Reform
In 2005, the SEC enacted the Securities Offering Reform (Reform), which relaxes ‘gun jumping’ restrictions by providing safe harbors for certain disclosures before equity offerings. The SEC argues that the disclosure restrictions are unnecessary, as they prevent timely and broad information flow before an important corporate event. However, Reform opponents argue that the gun-jumping restrictio...
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Many organizational and environmental factors affect the information disclosure and the quality of its presentation; organizational culture is the most important factor among these factors. The organizational culture that is based on transparency will provide the information environment dynamism and it will also lead to the improvement of the quality of information disclosure by the business un...
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The aim of this research was to determine the impact of voluntary information disclosure on informational content of share price. In this regard, future earnings response coefficient was used to determine the informational content of the share price about the future income information. Furthermore, share price synchronicity was used to evaluate the informational content of the share price about...
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Due to the specific characteristics of securities, in securities contracts it is difficult for the investors to have the information which is necessary for entering into the contract. Accordingly, in accordance with the Securities Market Act and the relevant regulations, the issuers of securities, in the primary and secondary markets, are required to disclose material information about securiti...
متن کاملThe Impact of Conservatism in Risk Disclosure on Investment Efficiency considering Information Asymmetry
In firms with conservative risk disclosure more validity is needed to disclose good risk news and a lower standard of validity is needed to disclose bad risk news. Conservatism in risk disclosure(CRD) as a regulatory mechanism can be effective in reducing the investment inefficiency. The aim of this research is to investigate the effect of CRD on investment efficiency. The research period from ...
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ژورنال
عنوان ژورنال: Journal of Accounting Research
سال: 2013
ISSN: 0021-8456
DOI: 10.1111/1475-679x.12022