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more obliged to disclose forecasts by recent accounting regulation. This acknowledges the common proposition that forecasts …
Persistent link: https://www.econbiz.de/10014029329
We consider a dynamic model featuring two firms that test a regulator’s enforcement propensity through their misconduct and a regulator that disciplines them to build a reputation for strict enforcement. We show that when the regulator has full discretion over the enforcement criterion, peer...
Persistent link: https://www.econbiz.de/10013309976
Delegation bears an intrinsic form of uncertainty. Investors hire managers for their superior models of asset markets, but delegation outcome is uncertain precisely because managers' model is unknown to investors. We model investors' delegation decision as a trade-off between asset return...
Persistent link: https://www.econbiz.de/10011976244
We examine the impact of regulatory scrutiny on mutual fund disclosures. Based on a sample of 16,161 comment letter conversations between the Securities and Exchange Commission’s Division of Investment Management and mutual funds from 2004 to 2019, we find that: (i) while comment letters...
Persistent link: https://www.econbiz.de/10013298695
We examine how CEOs can facilitate the development of investor trust that helps mitigate the effects of negative information. Results from an experiment show that investors trust the CEO more and are more willing to invest in the firm when the CEO communicates firm news followed by a negative...
Persistent link: https://www.econbiz.de/10012937246
We examine how CEOs can facilitate the development of investor trust that helps mitigate the effects of negative information. Results from an experiment show that investors trust the CEO more and are more willing to invest in the firm when the CEO communicates firm news followed by a negative...
Persistent link: https://www.econbiz.de/10012871707
We examine whether and how German and US investment professionals use corporate social responsibility (hereafter, CSR) information when making personal investment decisions and recommendations to clients. Using an experiment, we find that both German and US investment professionals use CSR...
Persistent link: https://www.econbiz.de/10012853903
I examine how characteristics of investors' information access tools change investors' reactions to firm disclosures. I examine my research question in the context of information choice (i.e., allowing investors to choose the order of information and sections to read within a disclosure) and...
Persistent link: https://www.econbiz.de/10012854150
Using comprehensive data on U.S. corporate bond trades since 2002, we find that retail bond investors over-rely on untimely credit ratings, neglect firm fundamentals, and appear to misunderstand the trade-off between bond risk and yields. Specifically, retail investors appear to select bonds by...
Persistent link: https://www.econbiz.de/10013221646
Investor attention drives analyst coverage. We find that, between 2012-2017, institutional investor attention explains 21.39% of the cross-sectional variation in analyst coverage, second only to market capitalization (22.09%). We build a model where limited investor attention drives information...
Persistent link: https://www.econbiz.de/10012849470