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The Twilight Zone: OTC Regulatory Regimes and Market Quality
Leuz, Christian; Brüggemann, Ulf; Kaul, Aditya; … - National Bureau of Economic Research (NBER) - 2013
We analyze a comprehensive sample of more than 10,000 U.S. stocks in the OTC market. As little is known about this market, we first characterize OTC firms by trading venue and provide evidence on survival, success, frequency of venue changes, reporting status, and trading activity. A large...
Persistent link: https://www.econbiz.de/10010969441
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Competing for Attention in Financial Markets
Carlin, Bruce Ian; Davies, Shaun William; Iannaccone, … - National Bureau of Economic Research (NBER) - 2010
Competition for positive attention in financial markets frequently resembles a tournament, where superior relative … compete for such positive attention and show that higher competition for this prize makes discretionary disclosure less likely … considering general prize structures, prizes that change in size as a result of competition, endogenous prizes, prizes granted on …
Persistent link: https://www.econbiz.de/10008601678
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Does Risk Explain Anomalies? Evidence from Expected Return Estimates
Zhang, Lu; Wu, Jin Ginger - National Bureau of Economic Research (NBER) - 2010
We construct accounting-based costs of equity for dollar neutral long-short trading strategies formed on a comprehensive list of anomaly variables. These variables include book-to-market, size, composite issuance, net stock issues, abnormal investment, asset growth, investment-to-assets,...
Persistent link: https://www.econbiz.de/10008628460
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Information, analysts, and stock return comovement
Morck, Randall; Hameed, Allaudeen; Shen, Jianfeng; … - National Bureau of Economic Research (NBER) - 2010
. Earnings forecast revisions for highly followed stocks cause price changes in little followed stocks, but the converse is again …
Persistent link: https://www.econbiz.de/10008631079
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Disclosure and the Cost of Capital: Evidence from Firms' Responses to the Enron Shock
Leuz, Christian; Schrand, Catherine - National Bureau of Economic Research (NBER) - 2009
This paper examines the link between disclosure and the cost of capital. We exploit an exogenous cost of capital shock created by the Enron scandal in Fall 2001 and analyze firms' disclosure responses to this shock. These tests are opposite to the typical research design that analyzes cost of...
Persistent link: https://www.econbiz.de/10005714190
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Understanding the Accrual Anomaly
Zhang, Lu; Wu, Jin Ginger; Zhang, X. Frank - National Bureau of Economic Research (NBER) - 2007
Interpreting accruals as working capital investment, we hypothesize that firms rationally adjust their investment to respond to discount rate changes. Consistent with the optimal investment hypothesis, we document that (i) the predictive power of accruals for future stock returns increases with...
Persistent link: https://www.econbiz.de/10005828684
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Endogenous Information Flows and the Clustering of Announcements
Acharya, Viral V.; DeMarzo, Peter M.; Kremer, Ilan - National Bureau of Economic Research (NBER) - 2010
We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don't know whether or when the firm is informed, the firm will not necessarily disclose immediately. We show that bad market news can trigger the immediate release of information by firms....
Persistent link: https://www.econbiz.de/10008684851
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Capital-Market Effects of Securities Regulation: Hysteresis, Implementation, and Enforcement
Leuz, Christian; Christensen, Hans B.; Hail, Luzi - National Bureau of Economic Research (NBER) - 2011
This paper examines capital market effects of changes in securities regulation. We analyze two key directives in the European Union (EU) that tightened market abuse and transparency regulation and its enforcement. All EU member states were required to adopt these two directives, but did so at...
Persistent link: https://www.econbiz.de/10008804681
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Information Asymmetry, Information Precision, and the Cost of Capital
Leuz, Christian; Lambert, Richard A.; Verrecchia, Robert E. - National Bureau of Economic Research (NBER) - 2009
, in models of perfect competition, information differences across investors affect a firm's cost of capital through …
Persistent link: https://www.econbiz.de/10004992855
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Investment, Accounting, and the Salience of the Corporate Income Tax
Edgerton, Jesse - National Bureau of Economic Research (NBER) - 2012
This paper develops and tests the hypothesis that accounting rules mitigate the effect of tax policy on firm investment decisions by obscuring the timing of tax payments. I model a firm that maximizes a discounted weighted average of after-tax cash flows and accounting profits. I estimate the...
Persistent link: https://www.econbiz.de/10010969285