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Outside Investor Access to Top Management : Market Monitoring vs. Stock Price Manipulation
Schroth, Josef - 2020
This paper studies the role of voluntary disclosure in crowding out independent research about firm value. In the model, when inside firm owners make it easier for outside investors to obtain inexpensive biased information from the manager, then investors rely less on costly unbiased research....
Persistent link: https://www.econbiz.de/10012826268
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Much Ado About Making Money : The Impact of Disclosure, News and Rumors Over the Formation of Security Market Prices Over Time
Biondi, Yuri - 2017
This article develops an agent-based model of security market pricing process, capable to capture main stylised facts. It features collective market pricing mechanisms based upon evolving heterogeneous expectations that incorporate signals of security issuer fundamental performance over time....
Persistent link: https://www.econbiz.de/10012970505
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The Relative Option to Stock Volume (OS) and Market Response to Earnings Surprises
Rai, Atul - 2016
This study examines the effect of option volume relative to stock volume (O/S) on market response to earnings surprises. The market reaction per unit of earnings surprise is lower for firms that have high O/S prior to earnings announcement than for firms with low O/S prior to earnings...
Persistent link: https://www.econbiz.de/10013006848
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Target price forecasts : The roles of the 52-week high price and recent investor sentiment
Clarkson, Peter M.; Nekrasov, Alexander; Simon, Andreas; … - 2020
This paper reveals that in addition to fundamental factors, the 52-week high price and recent investor sentiment play an important role in analysts' target price formation. Analysts' forecasts of short-term earnings and long-term earnings growth are shown to be important explanatory variables...
Persistent link: https://www.econbiz.de/10012857242
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Does Good News Cover Bad News?
Meng, Qingbin - 2018
Does good news cover bad news? We show evidence from the Chinese stock market in which the fiscal year of a firm is always the same as the calendar year. Listed firms are required to announce their annual reports by the end of April, the same date of the deadline for announcements of first...
Persistent link: https://www.econbiz.de/10012928513
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Outside investor access to top management : market monitoring versus stock price manipulation
Schroth, Josef - 2020 - Last updated: October 28, 2020
This paper studies the role of voluntary disclosure in crowding out independent research about firm value. In the model, when inside firm owners make it easier for outside investors to obtain inexpensive biased information from the manager, investors rely less on costly unbiased research. As a...
Persistent link: https://www.econbiz.de/10012306701
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Disclosure Processing Costs, Investors’ Information Choice, and Equity Market Outcomes : A Review
Blankespoor, Elizabeth - 2020
This paper reviews the literature examining how costs of monitoring for, acquiring, and analyzing firm disclosures – collectively, “disclosure processing costs” – affect investor information choices, trades, and market outcomes. The existence of disclosure processing costs means that...
Persistent link: https://www.econbiz.de/10012847855
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Is the Market Valuation of Banks’ Loan Loss Provision Conditional on Auditor Reputation?
Kanagaretnam, Kiridaran (Giri) - 2010
We examine how auditor reputation conditions the market valuation of banks' loan loss provision (LLP). The inherent … reputation, auditor type (Big 5 vs. non-Big 5) and auditor expertise, in the banking industry. We find a significant, positive … results are consistent with auditor reputation (expertise in the banking industry) mitigating information asymmetry between …
Persistent link: https://www.econbiz.de/10013147526
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Japanese Stock Market Reaction to Announcements of News Affecting Auditors’ Reputation : The Case of the Olympus Fraud
Frendy - 2014
affecting the reputation of Olympus' auditors. First, we use a nonparametric generalized rank event study methodology on 918 … reputation as proxied by abnormal returns. Second, we perform a multivariate linear regression on firms' abnormal returns after … investors do not consider news announcements affecting the Olympus auditors' reputation as sufficient evidence to change their …
Persistent link: https://www.econbiz.de/10013062130
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Price impact of aggressive liquidity provision
Gençay, Ramazan; Mahmoodzadeh, Soheil; Rojček, Jakub; … - 2016
This paper analyzes brief episodes of high-intensity quotes turnover and revision-"bursts" in quotes-in the U.S. equity market. Such events occur very frequently, several hundred times a day for actively traded stocks. We find significant price impact associated with these market makers...
Persistent link: https://www.econbiz.de/10011516027