Showing 1 - 10 of 1,582
We hypothesize that oil and gas producers' 10-K market risk disclosures, recently mandated by SEC Financial Reporting Release Number 48 (FRR No. 48), convey useful information to investors about commodity betas (defined as the sensitivity of firms' equity price changes to commodity price...
Persistent link: https://www.econbiz.de/10014115403
This paper examines whether the tone of corporate textual disclosures related to risk and uncertainty conveys relevant information to the credit default swap (CDS) market. Prior studies largely focus on the amount of risk disclosures and provide inconclusive evidence on the usefulness of risk...
Persistent link: https://www.econbiz.de/10012856408
In this paper, I develop a measure of the difference in the amount of information that investors expect a forthcoming disclosure to contain should it reveal good news versus bad news (the disclosure's "asymmetry"). I derive this measure from a model of option prices leading up to an asymmetric...
Persistent link: https://www.econbiz.de/10012853484
This study tests whether voluntary disclosure affects stock liquidity. I argue that index funds fit the profile of nonstrategic traders who, according to theory, are unambiguously more likely than managers and strategic investors to prefer high stock liquidity and thus high disclosure. This...
Persistent link: https://www.econbiz.de/10013007024
We document that the quality of public and private information available to investors improves before seasoned equity offerings (SEO) but deteriorates shortly thereafter. As firms improve their financial communication, analyst earnings forecasts become more accurate and less biased. However,...
Persistent link: https://www.econbiz.de/10013146845
Firms enjoy a wide degree of discretion in their disclosure of events in the patent granting process, which investors generally view as "good news" announcements. This study examines the timing of patent disclosure in conjunction with earnings announcements in light of managers' incentives to...
Persistent link: https://www.econbiz.de/10014061700
This study shows that less readable 10-K reports are associated with higher stock price crash risk. The results are consistent with the argument that managers can successfully hide adverse information by writing complex financial reports, which leads to stock price crashes when the hidden bad...
Persistent link: https://www.econbiz.de/10012856815
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
Our study introduces analyst/investor days, a new disclosure medium that allows for private interactions with influential market participants. We also highlight interdependencies in the choice and information content of analyst/investor days and conference presentations, a well-researched...
Persistent link: https://www.econbiz.de/10013007966
During the past decade, WeChat public accounts (WPAs) have gained increasing popularity as a novel tool for voluntary disclosure among Chinese public firms. This paper examines whether WPA disclosures provide value-relevant information to the market. Using a topic model to process over 1.6...
Persistent link: https://www.econbiz.de/10014256488