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Externalities of public firm presence: Evidence from private firms' investment decisions
Badertscher, Brad; Shroff, Nemit; White, Hal D. - In: Journal of Financial Economics 109 (2013) 3, pp. 682-706
Public firms provide a large amount of information through their disclosures. In addition, information intermediaries publicly analyze, discuss, and disseminate these disclosures. Thus, greater public firm presence in an industry should reduce uncertainty in that industry. Following the...
Persistent link: https://www.econbiz.de/10010681717
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The Role of Corporate Governance in Risk Management
Cristina, Sãveanu - In: Ovidius University Annals, Economic Sciences Series XII (2012) 2, pp. 88-93
Nowadays, the term corporate governance is more and more associated with risk management objectives. Its importance …, presenting the influences and interactions between the quality of corporate governance and risk management process. The paper …
Persistent link: https://www.econbiz.de/10010679446
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Aggregated, voluntary, and mandatory risk disclosure incentives: Evidence from UK FTSE all-share companies
Elshandidy, Tamer; Fraser, Ian; Hussainey, Khaled - In: International Review of Financial Analysis 30 (2013) C, pp. 320-333
This paper investigates the impact of corporate risk levels on aggregated, voluntary and mandatory risk disclosures in … systematic, financing risks and risk-adjusted returns and those with lower levels of stock return variability are likely to … exhibit significantly higher levels of aggregated and voluntary risk disclosures. The results also show that firms of large …
Persistent link: https://www.econbiz.de/10010730269
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Footnotes Aren't Enough: The Impact of Pension Accounting on Stock Values
Mitchell, Olivia; Coronado, Julia; Sharpe, Steven A.; … - National Bureau of Economic Research (NBER) - 2008
Some research has suggested that companies with defined benefit (DB) pensions are sometimes significantly misvalued by the market. This is because the measures of pension cost and pension net liabilities embedded in financial statements, taken at face value, can provide very misleading picture...
Persistent link: https://www.econbiz.de/10005088948
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A measurement approach to conservatism and earnings management
Gao, Pingyang - In: Journal of Accounting and Economics 55 (2013) 2, pp. 251-268
This paper formalizes a two-step representation of accounting measurement and uses it to formalize a general rationale for conservatism as a measurement principle. A transaction's economic substance manifests itself in characteristics of the transaction, and an accounting rule is a mapping from...
Persistent link: https://www.econbiz.de/10010664198
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Accounting prescription and practice in nineteenth-century France. An analysis of bankruptcy cases
Labardin, Pierre - Université Paris-Dauphine (Paris IX) - 2011
Following Colbert's Ordonnance of 1673, most of whose provisions were reiterated in the Code de Commerce, 1807 and the Law of Bankruptcy, 1838, traders in France were under a legal obligation to keep accounts of their business activities. In the event of bankruptcy, traders were potentially...
Persistent link: https://www.econbiz.de/10011096661
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ESO Compensation : The Roles of Default Risk and Over-Confidence
Chang, Charles - 2007
We derive a pricing model for employee stock options (ESO) that expands on Ingersoll (2006) by including default risk … and alters incentive effects and value sensitivities. The ESO discount is increasing in risk-aversion and decreasing in …
Persistent link: https://www.econbiz.de/10012731682
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Are Changes in Public and Private Information Precision Related to Changes in Market Liquidity Around Earnings Announcements?
Kanagaretnam, Kiridaran (Giri) - 2006
We investigate the relations between changes in the precisions of public and private information and changes in market liquidity around earnings announcements. Increases in the precision of public information reduce information asymmetry, whereas increases in the precision of private information...
Persistent link: https://www.econbiz.de/10012735334
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Value Based Trade Credit Decision Making
Michalski, Grzegorz - 2008
terms, is a compromise between limiting the risk of allowing for the payment postponement from unreliable purchasers and …
Persistent link: https://www.econbiz.de/10012773092
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Investment, financing and the role of ROA and WACC in value creation
Magni, Carlo Alberto - Dipartimento di Economia "Marco Biagi", Università … - 2015
Evaluating an industrial opportunity often means to engage in financial modelling which results in estimation of a large amount of economic and accounting data, which are then gathered in an economically rational framework: the pro forma financial statements. While the standard net present value...
Persistent link: https://www.econbiz.de/10011188506