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Prognoseeignung des Prognoseberichts? : eine empirisch gestützte Diskussion vor dem Hintergrund aktueller Änderungen im DRS 15 und der geplanten Umsetzung des ED "Management Commen...

Henselmann, Klaus; Klein, Martin; Raschdorf, Florian - 2010

relative to their expectations. Therefore, the paper analyzes the quality and quantity of management reporting in Germany …

Persistent link: https://www.econbiz.de/10003948436

Sustainability Disclosure Channels and Firm Risk : Evidence from Initiated and Continued Social Disclosure between SEC-Filings, Sustainability Reports, and Financial Reports

Hoepner, Andreas G. F.; Korca, Blerita; Schiemann, Frank - 2023

Firms can disclose social information via different channels such as SEC filings, stand-alone sustainability reports, or financial reports. Based on the notion that investors interpret such disclosures from a risk perspective, we analyse how disclosure via each of the three channels relates to...

Persistent link: https://www.econbiz.de/10014265238

The effects of MiFID II on sell-side analysts, buy-side analysts, and firms

Fang, Bingxu; Hope, Ole-Kristian; Huang, Zhongwei; … - 2019

This paper provides early but broad empirical evidence on a major new investor protection regulation in Europe, MiFID II, which requires investment firms to unbundle investment research from other costs they charge to clients. We predict that the price separation resulting from unbundling and a...

Persistent link: https://www.econbiz.de/10012052561

Myth : external financial reporting quality has a 1st order effect on firm value

Zimmerman, Jerold L. - 2012

I argue that external financial reporting quality has at best a 2nd order effect on firm value of U.S. publicly traded … companies and that attempts to improve a firm's external reporting quality has a 3rd order effect on these firms' value …. Recognizing that external financial reporting quality is at best a 2nd order effect on firm value imposes an important external …

Persistent link: https://www.econbiz.de/10010250808

Non-GAAP earnings : a consistency and comparability crisis?

Black, Dirk E.; Christensen, Theodore E.; Ciesielski, … - 2017

We use a novel dataset to examine the across-time consistency and across-firm comparability of firms’ non-GAAP earnings disclosures. We begin by identifying firms that change their non-GAAP earnings definition from one year to the next. These deviations are uncommon, but when managers change...

Persistent link: https://www.econbiz.de/10011574352

When do firms highlight their effective tax rate?

Flagmeier, Vanessa; Müller, Jens; Sureth, Caren - 2020

This study examines the visibility of the GAAP effective tax rate (ETR) in firms' financial statements as a distinct disclosure choice. Applying a game-theory disclosure model for voluntary disclosure strategies of firms to a tax setting, we argue that firms face a trade-off in their ETR...

Persistent link: https://www.econbiz.de/10012302154

Should management earnings guidance be pooled? : classifying management earnings guidance into capital market, opportunistic, and disclose or abstain rationales ; implications for...

Li, Edward X.; Wasley, Charles E.; Zimmerman, Jerold L. - 2012

Prior studies identify several motives for why firms release management earnings forecasts (MFs). A common feature of such studies is they pool MFs when drawing inferences about a specific motive. By ignoring the heterogeneous rationales managers have to issue MFs, pooling could lead to biased...

Persistent link: https://www.econbiz.de/10009571504

The disclose or abstain incentive to issue management guidance

Li, Edward; Wasley, Charles E.; Zimmerman, Jerold L. - 2014

Prior research generally argues that managers issue management earnings forecasts (MFs) to secure capital market benefits (i.e., reduce information asymmetry between managers and investors to lower a firm's cost of capital), to reduce the firm's litigation costs, or to allow managers to trade...

Persistent link: https://www.econbiz.de/10010483058

Information disclosure and corporate governance

Hermalin, Benjamin E. (contributor); … - 2008

Persistent link: https://www.econbiz.de/10003783419

The relation between earnings surprises and voluntary disclosures of high-tech firms in periods of bad economic news

Shon, John J. - 2005

Persistent link: https://www.econbiz.de/10003554456

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