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The Role of Segment Disclosure in Corporate Governance and its Effect on Firm Investment Efficiency

Blanco, Belen - 2010

We investigate the role of segment disclosure, as a corporate governance mechanism, in enhancing investment efficiency …, and whether and how corporate governance mechanisms ameliorate or exacerbate under-investment and over-investment problems … behave in a defensive or aggressive way, exacerbating under-investment and over-investment problems. Finally, we find that …

Persistent link: https://www.econbiz.de/10013139940

Information Asymmetry, Information Precision, and the Cost of Capital

Lambert, Richard A. - 2011

cost of capital, and establishes that with perfect competition information asymmetry makes no difference. Instead, a firm …'s cost of capital is governed solely by the average precision of investors' information. With imperfect competition, however … capital market's degree of competition plays a critical role for the relation between information asymmetry and the cost of …

Persistent link: https://www.econbiz.de/10013126051

Fair Value Hierarchy in Financial Instruments Disclosure - Is There Transparency for Investors? Evidence from the Banking Industry

Laghi, Enrico - 2012

The debate on fair value accounting is still open although last 20 years have been spent in searching for solution by academician, practitioners and institutions. After a long and continuous discussion both on the basic concepts and the information level contained in fair value measurements and...

Persistent link: https://www.econbiz.de/10013100179

Disclosure and the Option Value of Equity

So, Eric C. - 2013

This paper examines the implications of the option value of equity for firms' disclosures. Merton (1974) shows that the equity of levered firms is equivalent to a call option whose value increases in the expected variance of future cash flows. I use this equivalence to calculate firms' vega,...

Persistent link: https://www.econbiz.de/10013092101

Voluntary Disclosure and the Cost of Capital

Clinch, Greg - 2013

We investigate the association between voluntary disclosure and the risk-related discount investors apply to price. First, we study the association between (endogenous) disclosure choice and the discount in price induced by changes in the underlying model parameters: this is akin to an empirical...

Persistent link: https://www.econbiz.de/10013072944

Transfer Learning and Textual Analysis of Accounting Disclosures : Applying Big Data Methods to Small(er) Data Sets

Siano, Federico - 2020

We introduce and apply machine transfer learning methods to analyze accounting disclosures. We use the examples of the new BERT language model and sentiment analysis of quarterly earnings disclosures to demonstrate the key transfer learning concepts of: (i) pre-training on generic “Big...

Persistent link: https://www.econbiz.de/10012838824

Voluntary Disclosure, Price Informativeness, and Efficient Investment

Lassak, Matthias - 2020

corporate investment-making. A manager with long-term incentives discloses her private information only if it crowds-in informed … disclosure aimed at stimulating informed trading distorts the market's feedback-providing role and restrains efficient investment …-making. Long-term incentives induce this disclosing behavior and thus cause a novel form of investment inefficiency …

Persistent link: https://www.econbiz.de/10012839222

Intangible Assets and Creative Impairment - an Analysis of Current Disclosure Practices by Top Australian Firms

Finch, Nigel - 2007

This paper examines the disclosure of intangible assets by 'high user' industrial firms in the Australian market subsequent to the introduction in 2005 of AASB 136 and AASB 138. Using a sample of ten large industrial firms with combined intangible assets of $37,758 million as at 2006, the paper...

Persistent link: https://www.econbiz.de/10012731470

Intangible Assets and Creative Impairment - An Analysis of Current Disclosure Practices by Top Australian Firms

Finch, Nigel - 2007

Persistent link: https://www.econbiz.de/10012777923

Customers' Forward-Looking Disclosures and Suppliers' Asymmetric Cost Behavior

Hu, Nan - 2019

We examine the impact of customers' forward-looking disclosures (FLD) contained in the Management Discussion and Analysis section (MD&A) of its 10-K filings on the degree of suppliers' cost asymmetric behavior (i.e., cost stickiness) using computer-intensive techniques. We find that the degree...

Persistent link: https://www.econbiz.de/10012868669