Voluntary Disclosures and Information Production By Analysts
نویسندگان
چکیده
منابع مشابه
Equilibrium Voluntary Disclosures, Asset Pricing, and Information Transfers
We study a rms managers voluntary disclosure decisions and those disclosure decisionsasset pricing, cost of capital, and information transfer e¤ects in a model where investors trade multiple securities. We: develop new asset pricing formulas when the manager makes no disclosure that impose testable cross-equation restrictions on rmsmarket values; develop a wide array of comparative static...
متن کاملVoluntary Corporate Disclosures by UK Companies
This paper models the arrival rate of voluntary news announcements of the FTSE AllShare firms. We test to see if the earnings environment affects the volume of news announcements that firms release to the stock market. We also examine whether the other factors such as the size of a firm and the external coverage a firm receives affects the pattern of news disclosures. Our results show that firm...
متن کاملVoluntary Disclosures and Corporate Control
We examine the valuation and capital allocation roles of voluntary disclosure when managers have private information regarding the firm’s investment opportunities, but an efficient market for corporate control influences their investment decisions. For managers with long-term stakes in the firm, the equilibrium disclosure region is two-tailed: only extreme good news and extreme bad news is disc...
متن کاملMarket Value of Voluntary Disclosures Concerning Information Security
Proactive security activities encompass voluntary disclosure concerning information security that firms are taking to improve the security of their information and information systems. Examples of voluntary disclosures falling into this category include discussions about a firm’s use of encryption, secure socket layers data transmission, implementation of network security measures, or disclosur...
متن کاملManagers' pay duration and voluntary disclosures
In this paper, we examine the effect of managers’ pay duration on firms’ voluntary disclosures. Pay duration refers to the average period that it takes for managers’ annual compensation to vest. We hypothesize and find that pay duration can incentivize managers to provide more bad news earnings forecasts. This result holds after controlling for the level of stock-based compensation and the endo...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2007
ISSN: 1556-5068
DOI: 10.2139/ssrn.909549