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Informed Trading and the Market Reaction to Accounting Restatements

Badertscher, Brad A. - 2013

We examine how informed trading activities affect the market reaction to accounting restatements. We find significantly … less negative reactions to accounting estatements when managers are net purchasers of stock before the restatement, and ….Taken together, these findings suggest that investors use informed trading activities to help interpret and price accounting …

Persistent link: https://www.econbiz.de/10013094136

Mandatory Disclosure and Asymmetry in Financial Reporting

Bertomeu, Jeremy - 2015

This article examines the demand for disclosure rules by informed managers interested in increasing the market price of their firms. Within a model of political influence, a majority of managers chooses disclosure rules with which all firms must comply. In equilibrium, disclosure rules are...

Persistent link: https://www.econbiz.de/10013033581

Lord Eldon Redux : Information Asymmetry, Accountability and Fiduciary Loyalty

Licht, Amir N. - 2017

trend toward direct farming of English manors and the transformation of feudal accounting after the Domesday Book and early …

Persistent link: https://www.econbiz.de/10012967306

Linguistic Complexity in Firm Disclosures : Obfuscation or Information?

Bushee, Brian J. - 2018

Prior research generally interprets complex language in firms' disclosures as indicative of managerial obfuscation. However, complex language can also reflect the provision of complex information; for example, informative technical disclosure. As a consequence, linguistic complexity commingles...

Persistent link: https://www.econbiz.de/10012921138

Linguistic Complexity in Firm Disclosures : Obfuscation or Information?

Bushee, Brian J. - 2017

Prior research generally interprets complex language in firms' disclosures as indicative of managerial obfuscation. However, complex language can also reflect the provision of complex information, e.g., informative technical disclosure. As a consequence, linguistic complexity commingles two...

Persistent link: https://www.econbiz.de/10012973628

On the Voluntary Disclosure of Redundant Information

Banerjee, Snehal; Breon-Drish, Bradyn M.; Kaniel, Ron; … - 2022

Why do firms engage in costly, voluntary disclosure of informationwhich is subsumed by a later announcement? We consider a model inwhich the firm's manager can choose to disclose short-term informationwhich becomes redundant later. When disclosure costs are sufficientlylow, the manager discloses...

Persistent link: https://www.econbiz.de/10013405002

R&D investments and management guidance : Trading off information asymmetry and uncertainty in firm disclosure

Dube, Svenja - 2020

The immediate expensing of R&D expenditures conceals managers' knowledge about the R&D projects. I examine whether higher R&D-intensive firms voluntarily guide more to decrease this information asymmetry. R&D state tax credits serve as instrumental variable for R&D investments. While total...

Persistent link: https://www.econbiz.de/10012846967

Trading disclosure requirements and market quality tradeoffs

Mele, Antonio; Sangiorgi, Francesco - 2020 - This version: July 13, 2020

We analyze the effects of trading disclosure requirements in markets with insider traders and professional investors. The insiders garble their trading throughout a mixed strategy. A number of differentially informed professional investors acquire information and contribute to increased mar- ket...

Persistent link: https://www.econbiz.de/10012421295

The JOBS act and information uncertainty in IPO firms

Barth, Mary E.; Landsman, Wayne R.; Taylor, Daniel J. - 2014

This study examines the effect of the Jumpstart Our Business Startups Act (JOBS Act) on information uncertainty in IPO firms. The JOBS Act creates a new category of issuer, the Emerging Growth Company (EGC), and exempts EGCs from several disclosures required for non-EGCs. Our findings are...

Persistent link: https://www.econbiz.de/10011523682

Information Asymmetry Effects of Deregulation-Driven Decreases in Quarterly Financial Disclosure - Evidence from Germany

Knappstein, Janina - 2020

Based on the ongoing disclosure overload debate, this paper investigates how deregulation-driven decreases in quarterly disclosure affect information asymmetry. We exploit a German setting in which the minimum content requirements for quarterly reporting have been reduced for firms listed in the...

Persistent link: https://www.econbiz.de/10012850989