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Uncertainty and Disclosure
Knust, Lucas; Oesch, David - 2022
Prior research finds conflicting results on the impact of uncertainty on voluntary firm disclosure. Our paper sheds light on this relationship by addressing endogeneity concerns. To this end, we use a novel instrumentation strategy that exploits firms’ differential exposure to aggregate...
Persistent link: https://www.econbiz.de/10014239434
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Economic Uncertainty and Earnings Management
Stein, Luke C.D. - 2016
In the presence of managerial short-termism and asymmetric information about skill and effort provision, firms may opportunistically shift earnings from uncertain to more certain times. We document that firms report more negative discretionary accruals when financial markets are less certain...
Persistent link: https://www.econbiz.de/10012997009
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Valuation Uncertainty
Golubov, Andrey; Konstantinidi, Theodosia - 2021
valuation uncertainty stocks. Stocks in the short leg earn average returns indistinguishable from the risk-free rate – turning …
Persistent link: https://www.econbiz.de/10013226702
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Beyond Risk : Voluntary Disclosure Under Ambiguity
Rava, Ariel - 2022
In this paper, I examine the impact of ambiguity (Knightian uncertainty), alongside that of risk, on firms’ voluntary … disclosure decisions. I confirm the well-known result that an increase in risk— uncertainty over outcomes—is associated with an … which risk impacts managers’ disclosure decisions have been extensively studied in the accounting literature, no extant …
Persistent link: https://www.econbiz.de/10013289131
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Pay for tax certainty? : advance tax rulings for risky investment under multi-dimensional tax uncertainty
Chen, An; Hieber, Peter; Sureth, Caren - 2022
low risk aversion. Our findings suggest that ATRs can effectively fight tax uncertainty and stimulate investment. However …
Persistent link: https://www.econbiz.de/10013460094
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Pay for Tax Certainty? Advance Tax Rulings for Risky Investment under Multi-Dimensional Tax Uncertainty
Chen, An; Hieber, Peter; Sureth, Caren - 2022
risk aversion. Our findings suggest that ATRs can effectively fight tax uncertainty and stimulate investment. However …
Persistent link: https://www.econbiz.de/10014244659
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Information Acquisition and Decisions Under Risk and Ambiguity
Bergheim, Ralf - 2014
This paper experimentally investigates how fair value measurements of financial instruments affect the decision of nonprofessional investors to invest in a bank's shares. Specifically, we assess how investors respond to variations in net income resulting from fair value adjustments in trading...
Persistent link: https://www.econbiz.de/10013050234
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Boon or bane of advance tax rulings as a measure to mitigate tax uncertainty and foster investment
Diller, Markus; Kortebusch, Pia; Schneider, Georg; … - 2015
threshold. We assume risk neutral investors and that tax authorities integrate investors' reasoning in their decision on whether …. First, we find that even risk neutral investors will pay for tax certainty. Second, they enable us to explain the enormous …
Persistent link: https://www.econbiz.de/10010511375
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Entry into Emergent and Uncertain Product Markets : The Role of Associative Rhetoric
Lee, Gwendolyn K. - 2009
This paper analyzes how firms use media associative rhetoric in their decisions to enter emergent and uncertain product markets. In our context, this type of rhetoric associates the logics of firm's existing markets with the not-yet-legitimated logics of a newly emerging market. Our panel study...
Persistent link: https://www.econbiz.de/10012765732
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Earnings Volatility, Ambiguity, and Crisis-Period Stock Returns
Ahmed, Anwer S. - 2019
Financial crises are typically marked by substantial increases in ambiguity where prices appear to decouple from fundamentals. Consistent with ambiguity-based asset pricing theories, we find that ambiguity concerns are more severe for firms with higher pre-crisis earnings volatility, causing...
Persistent link: https://www.econbiz.de/10012890190