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Spillover Effects of Mandatory Portfolio Disclosures on Corporate Investment

Sani, Jalal; Shroff, Nemit; White, Hal D. - 2023

This paper examines whether portfolio disclosure requirements for actively managed investment funds affect the investment decisions of firms owned by those funds. We argue that mandatory portfolio disclosures reduce fund managers’ incentive to collect and trade on private information, which...

Persistent link: https://www.econbiz.de/10014354824

Spillover Effects of Mandatory Portfolio Disclosures on Corporate Investment

Sani, Jalal; Shroff, Nemit; White, Hal D. - 2022

This paper examines whether portfolio disclosure requirements for actively managed investment funds affect the investment decisions of firms owned by the funds. We argue that mandatory portfolio disclosures reduce fund managers’ incentive to collect and trade on private information, which...

Persistent link: https://www.econbiz.de/10013321665

Dyer, Travis; Roulstone, Darren T.; Van Buskirk, Andrew - 2021

Existing research often assumes that firms’ financial reporting choices influence their return comovement with other firms. We examine the validity of that assumption. First, we provide initial evidence suggesting that similarity in two firms’ disclosures not only predicts, but influences,...

Persistent link: https://www.econbiz.de/10013312434

Is Portfolio Theory Harming Your Portfolio?

Vincent, Scott - 2011

Modern Portfolio Theory (MPT) teaches us that active equity managers who use judgment in making investment decisions … returns supports the theory, so it's no surprise that investors are leaving actively-managed funds in droves for the better …

Persistent link: https://www.econbiz.de/10013118622

The Moderating Effect of Relative Performance Evaluation on the Risk Incentive Properties of Executives' Equity Portfolios

Park, Hyungshin - 2015

We offer evidence that the use of Relative Performance Evaluation (RPE) in CEOs' incentive contracts influences the effect of risk-taking incentives on both the magnitude and composition of firm risk. We find that when the incentive design lacks RPE features, the incentive portfolio vega...

Persistent link: https://www.econbiz.de/10013019246

The Capital Gains Lock-In Effect and Earnings Quality

Dimmock, Stephen G. - 2019

The taxation of realized capital gains creates a lock-in effect, increasing an investor's expected holding period. We show that the unrealized capital gains of mutual funds are positively associated with the earnings quality of their portfolio firms. Consistent with tax-induced lock-in, the...

Persistent link: https://www.econbiz.de/10012858020

The Moderating Effect of Relative Performance Evaluation on the Risk Incentive Properties of Executives’ Equity Portfolios

Park, Hyungshin - 2016

Persistent link: https://www.econbiz.de/10012997638

Disclosure of Pension Asset Allocation and Expected Rate of Return Management

Hwang, Seokyoun - 2017

natural experiment for studying the effect of enhanced transparency on firm behavior. We posit that firms discretionarily … reporting transparency. The hand-collected data allow us to identify the extent of disclosure variation under the two different … firms with poor disclosure, mandated transparency in pension asset allocation plays a vital role in reducing the ERR …

Persistent link: https://www.econbiz.de/10012970302

When and how is voluntary disclosure quality reflected in equity prices?

Eugster, Florian; Wagner, Alexander F. - 2011

This paper investigates the extent to which voluntary disclosure quality (VDQ) of firms is reflected in equity prices. As a novel contribution, we explore the idea that the speed with which equity prices reflect any benefits or costs of VDQ varies across firms. We find that in environments where...

Persistent link: https://www.econbiz.de/10009295768

Economic Consequences of Idiosyncratic Information in Diversified Markets

Gao, Pingyang - 2012

While most accounting information is idiosyncratic in nature, economy-wide factors such as accounting standards affect the quality of idiosyncratic accounting information of many firms simultaneously. We study idiosyncratic and systematic features of accounting information by embedding a...

Persistent link: https://www.econbiz.de/10013110426