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Herding of institutional traders : new evidence from daily data
Kremer, Stephanie - 2010
This paper sheds new light on herding of institutional investors by using a unique database that identifies every … transaction made by financial institutions in the German stock market. First, the analysis reveals that herding behavior of … previous studies overestimate herding. Third, our results suggest that herding by large financial institutions mainly results …
Persistent link: https://www.econbiz.de/10008665444
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Contagious herding and endogenous network formation in financial networks
Georg, Co-Pierre - 2014
When banks choose similar investment strategies, the financial system becomes vulnerable to common shocks. Banks decide about their investment strategy ex-ante based on a private belief about the state of the world and a social belief formed from observing the actions of peers. When the social...
Persistent link: https://www.econbiz.de/10010405430
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Stock market volatility and learning
Adam, Klaus; Marcet, Albert; Nicolini, Juan Pablo - 2011
Persistent link: https://www.econbiz.de/10009308272
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Tax strategy disclosure : a greenwashing mandate
Bilicka, Katarzyna; Casi-Eberhard, Elisa; Seregni, Carol; … - 2022 - This version: 27.04.2022
Firms constantly face new and more stringent tax disclosure requirements and, increasingly, paying a fair share of tax is seen as part of corporate social responsibility. In this paper, we investigate whether mandating qualitative tax disclosure leads to intended outcomes, using, as an exogenous...
Persistent link: https://www.econbiz.de/10013268011
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Mandatory financial information disclosure and credit ratings
Vanhaverbeke, Steven; Balsmeier, Benjamin; Doherr, Thorsten - 2022
When firms are forced to publicly disclose financial information, credit rating agencies are supposed to improve their risk assessments. Theory predicts such an information quality effect but also an adverse reputational concerns effect because credit analysts may become increasingly concerned...
Persistent link: https://www.econbiz.de/10013411270
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Publicity of debate and the incentive to dissent : evidence from the US federal reserve
Meade, Ellen E. (contributor); Stasavage, David (contributor) - 2004 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001925542
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Spin doctors : an experiment on vague disclosure
Deversi, Marvin; Ispano, Alessandro; Schwardmann, Peter - 2021
Unfavorable news are often delivered under the disguise of vagueness. Our theory-driven laboratory experiment investigates this strategic use of vagueness in voluntary disclosure and asks whether there is scope for policy to improve information transmission. We find that vagueness is profitably...
Persistent link: https://www.econbiz.de/10013191455
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The impact of carbon disclosure mandates on emissions and financial operating performance
Downar, Benedikt; Ernstberger, Jürgen; Reichelstein, Stefan - 2020
We examine whether a disclosure mandate for greenhouse gas emissions creates stakeholder pressure for firms to subsequently reduce their emissions. For UK-incorporated listed firms such a mandate was adopted in 2013. Using a difference-in-differences design, we find that firms affected by the...
Persistent link: https://www.econbiz.de/10012267140
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Qualitative information disclosure : is mandating additional tax information disclosure always useful?
Bilicka, Katarzyna; Casi-Eberhard, Elisa; Seregni, Carol; … - 2021 - This draft: April 2021
Firms are facing progressively more stringent tax disclosure requirements. In this paper, we examine whether increased qualitative tax transparency leads to intended outcomes using, as an exogenous shock, the 2016 UK reform that mandated the disclosure of a tax strategy for firms above a certain...
Persistent link: https://www.econbiz.de/10012534611
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Reporting behavior and transparency in European banks' country-by-country reports
Dutt, Verena K.; Nicolay, Katharina; Spengel, Christoph - 2021
The public CbCR requirement for EU financial institutions leaves leeway to the reporting firms as regards the calculating and presentation of the data. Based on a sample of CbCRs published by EU-headquartered multinational bank groups, we analyze the reporting behavior and the degree of...
Persistent link: https://www.econbiz.de/10012434484