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Differences in the information environment prior to seasoned equity offerings under relaxed disclosure regulation

Clinton, Sarah B.; White, Joshua T.; Woidtke, Tracie - In: Journal of Accounting and Economics 58 (2014) 1, pp. 59-78

The SEC promulgated the Securities Offering Reform (SOR) in 2005 to ease disclosure restrictions prior to seasoned …

Persistent link: https://www.econbiz.de/10010906419

Preannouncing competitive decisions in oligopoly markets

Corona, Carlos; Nan, Lin - In: Journal of Accounting and Economics 56 (2013) 1, pp. 73-90

We examine a duopolistic setting in which firms can preannounce their future competitive decisions before they actually implement them. We show that there is a unique equilibrium in which both firms preannounce and overstate their future actions when uncertainty of demand is low. We find that...

Persistent link: https://www.econbiz.de/10010681826

Does investment efficiency improve after the disclosure of material weaknesses in internal control over financial reporting?

Cheng, Mei; Dhaliwal, Dan; Zhang, Yuan - In: Journal of Accounting and Economics 56 (2013) 1, pp. 1-18

-Oxley Act. We find that prior to the disclosure, these firms under-invest (over-invest) when they are financially constrained … (unconstrained). More importantly, we find that after the disclosure, these firms’ investment efficiency improves significantly. …

Persistent link: https://www.econbiz.de/10010681831

Mandatory clawback provisions, information disclosure, and the regulation of securities markets

Denis, Diane K. - In: Journal of Accounting and Economics 54 (2012) 2, pp. 197-200

Chan et al. (2012) find that voluntary adoption of compensation clawback provisions is followed by fewer financial restatements and fewer auditor reports of material internal control weaknesses, higher earnings response coefficients, and reduced auditing fees and lags. They conclude that...

Persistent link: https://www.econbiz.de/10010594330

The effect of information quality on liquidity risk

Ng, Jeffrey - In: Journal of Accounting and Economics 52 (2011) 2, pp. 126-143

I investigate whether information quality affects the cost of equity capital through liquidity risk. Liquidity risk is the sensitivity of stock returns to unexpected changes in market liquidity; recent asset pricing literature has emphasized the importance of this systematic risk. I find that...

Persistent link: https://www.econbiz.de/10010572408

Are voluntary disclosures that disavow the reliability of mandated fair value information informative or opportunistic?

Blacconiere, Walter G.; Frederickson, James R.; … - In: Journal of Accounting and Economics 52 (2011) 2, pp. 235-251

informative (opportunistic) disclosure. Our results support the hypothesis that disavowals inform users about the reliability of …

Persistent link: https://www.econbiz.de/10010572434

The role of bank monitoring in borrowers׳ discretionary disclosure: Evidence from covenant violations

Vashishtha, Rahul - In: Journal of Accounting and Economics 57 (2014) 2, pp. 176-195

This study uses covenant violations to provide evidence on how firms make disclosure decisions in the presence of … enhanced bank monitoring. Using a regression discontinuity design, I find that firms reduce disclosure following covenant … violations. A series of analyses suggest that part of this decline in disclosure reflects a delegation of monitoring to banks by …

Persistent link: https://www.econbiz.de/10011043069

Is silence golden? An empirical analysis of firms that stop giving quarterly earnings guidance

Chen, Shuping; Matsumoto, Dawn; Rajgopal, Shiva - In: Journal of Accounting and Economics 51 (2011) 1, pp. 134-150

performance, more uncertain operating environments, and fewer informed investors. Announcers commit to non-disclosure because they …

Persistent link: https://www.econbiz.de/10011043077

Challenges and opportunities in disclosure research—A discussion of ‘the financial reporting environment: Review of the recent literature’

Berger, Philip G. - In: Journal of Accounting and Economics 51 (2011) 1, pp. 204-218

Beyer et al. (2010) review the financial reporting literature related to voluntary and mandatory firm disclosures, and sell-side analyst reports. The discussion summarizes their approach, highlights some of their main conclusions, and presents alternative ideas about promising avenues for future...

Persistent link: https://www.econbiz.de/10011043081

Strategic silence, insider selling and litigation risk

Billings, Mary Brooke; Cedergren, Matthew C. - In: Journal of Accounting and Economics 59 (2015) 2, pp. 119-142

Prior work finds that managers beneficially time their purchases, but not sales, prior to forecasts. Focusing on if (as opposed to when) a forecast is given, we link insider selling to silence in advance of earnings disappointments. This raises the question of whether the absence of...

Persistent link: https://www.econbiz.de/10011208568