The Experts below are selected from a list of 3678 Experts worldwide ranked by ideXlab platform
Brian J Bushee - One of the best experts on this subject based on the ideXlab platform.
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Corporate Disclosure practices institutional investors and stock return volatility
Journal of Accounting Research, 2000Co-Authors: Brian J BusheeAbstract:This paper investigates whether a firm's Disclosure practices affect the composition of its institutional investor ownership and, hence, its stock return volatility. The findings indicate that firms with higher AIMR Disclosure rankings have greater institutional ownership, but the particular types of institutional investors attracted to greater Disclosure have no net impact on return volatility. However, yearly improvements in Disclosure rankings are associated with increases in ownership primarily by "transient" institutions, which are characterized by aggressive trading based on short-term strategies. Firms with Disclosure ranking improvements resulting in higher transient ownership are found to experience subsequent increases in stock return volatility.
Terry S. Walter - One of the best experts on this subject based on the ideXlab platform.
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The Impact of Statutory Sanctions on the Level and Information Content of Voluntary Corporate Disclosure
Abacus, 1999Co-Authors: Philip Brown, Stephen L. Taylor, Terry S. WalterAbstract:This article examines the effect of statutory civil and criminal sanctions on voluntary Corporate Disclosures by firms listed on the Australian Stock Exchange (ASX). Apart from direct investigation of the quantity of voluntary Disclosure, we also investigate several possible consequences of altered Corporate Disclosure policies, namely properties of analysts’ forecasts, the degree to which share prices anticipate the information content of periodic earnings reports, and the relationship between volatility and Corporate Disclosures. Results suggest that, post-sanctions, any increase in voluntary Disclosure is confined to smaller firms and those which performed relatively poorly. Moreover, analysts’ earnings forecasts did not become more accurate or less diverse following the introduction of statutory sanctions, and there was no statistically significant increase in the weight placed on each Disclosure’s ability to explain return volatility. There is some evidence that share prices have anticipated earlier the value relevant components of annual periodic accounting data, although this result is again confined to smaller firms. Although the tests used are not independent and have a limited time period post-sanctions, the results cast doubt on the extent to which the imposition of substantive civil or criminal sanctions affects Corporate Disclosure policy.
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the impact of statutory sanctions on the level and information content of voluntary Corporate Disclosure
Abacus, 1999Co-Authors: Philip Brown, Stephen L. Taylor, Terry S. WalterAbstract:We examine the effect of statutory civil and criminal sanctions on voluntary Corporate Disclosures by firms listed on the Australian Stock Exchange (ASX). Apart from direct investigation of the quantity of voluntary Disclosure, we also investigate several possible consequences of altered Corporate Disclosure policies, namely properties of analysts? forecasts, the degree to which share prices anticipate the information content of periodic earnings reports and the relationship between volatility and Corporate Disclosures. Our results suggest that, post-sanctions, any increase in voluntary Disclosure is confined to smaller firms and those which performed relatively poorly. Moreover, we do not find that analysts? earnings forecasts became more accurate or less diverse following the introduction of statutory sanctions, nor do we find any statistically significant increase in the weight placed on each Disclosure?s ability to explain return volatility. We do find evidence that share prices have anticipated earlier the value relevant components of annual periodic accounting data, although this result is again confined to smaller firms. Although our tests are not independent and we have a limited time period post-sanctions, we view our results as casting doubt on the extent to which the imposition of substantive civil or criminal sanctions affects Corporate Disclosure policy.
Mizanur Rahman - One of the best experts on this subject based on the ideXlab platform.
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Ownership Concentration and Corporate Disclosure Choice in Bangladesh
SSRN Electronic Journal, 2015Co-Authors: Mizanur RahmanAbstract:This paper investigates empirically the effect of ownership concentration on Corporate Disclosure choice in Bangladesh. In an environment of weak enforceability of laws, Corporate culture in Bangladesh is characterized by family control and concentrated ownership. Controlling shareholders exercise nearly full control over a firm’s operating and financial policies, including Disclosure policies, while maintaining low cash flow rights relative to voting rights. The paper shows that management’s choice of Disclosure across key financial elements is discriminatory against external shareholders and bondholders. The findings show that controlling for factors such as age, size, profitability and financial leverage, ownership concentration reduces Corporate Disclosure. The findings validate the hypothesis of La Porta et al. (1999) that an increasing ownership concentration leads Corporate management to adopt a Disclosure regime which is biased against external shareholders and creditors.
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Ownership Concentration and Corporate Disclosure in Bangladesh
SSRN Electronic Journal, 2014Co-Authors: Mizanur RahmanAbstract:This paper shows that non-compliance with the mandatory Disclosure requirements is pervasive in Bangladesh. This is contrasted with the observation that audit opinion is often unqualified. Given that accounting standards and Disclosure rules are weakly enforceable, Corporate Disclosure practice is de facto discretionary in the country. The present study thus investigates cross-sectional determinants of financial Disclosure in Corporate annual reports. The findings show that, controlling for factors such as age, size, profitability and financial leverage, Disclosure effect of ownership concentration is negative. The findings validate the view of La Porta et al. (1999) that an increasing ownership concentration leads Corporate management to adopt a Disclosure regime which is biased against the external shareholders and creditors. The findings imply an information problem whereby insiders will likely expropriate outside shareholders in an environment where legal protection of the latter is weak.
Eric P Yeung - One of the best experts on this subject based on the ideXlab platform.
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industry concentration and Corporate Disclosure policy
Journal of Accounting and Economics, 2014Co-Authors: Sandy Klasa, Eric P YeungAbstract:This study examines the association between U.S. Census industry concentration measures and the informativeness of Corporate Disclosure policy. We find that in more concentrated industries firms׳ management earnings forecasts are less frequent and have shorter horizons, their Disclosure ratings by analysts are lower, and they have more opaque information environments, as measured by the properties of analysts׳ earnings forecasts. Also, when these firms raise funds they prefer private placements, which have minimal SEC-mandated Disclosure requirements, over seasoned equity offerings. Overall, our findings suggest that firms in more concentrated industries disclose less and avoid certain financing decisions that have non-trivial Disclosure implications, presumably due to proprietary costs of Disclosure.
Godfred A. Bokpin - One of the best experts on this subject based on the ideXlab platform.
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Corporate Disclosure, transparency and cost of equity capital: evidence from Ghana's stock market
African J. of Economic and Sustainable Development, 2020Co-Authors: Godfred A. BokpinAbstract:This paper finds, consistent with Lopes and de Alencar (2010), that the strength of association between Corporate information Disclosure and cost of capital depends on the Corporate Disclosure environment. This paper finds that in an environment where Disclosure requirement is not rich, the higher variation from the Disclosure practices of firms leads to significant lower cost of equity capital. Corporate firms that commit resources to increased information Disclosure and transparency are compensated with lower cost of equity capital, reduced information asymmetry between Corporate insiders and investors which leads to lower or little discount on their shares hence the lower cost of equity capital reported. Corporate Disclosure and transparency is statistically significantly negatively related to cost of equity capital on the Ghana Stock Exchange (GSE).
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Corporate Disclosure and foreign share ownership: empirical evidence from African countries
International Journal of Law and Management, 2015Co-Authors: Godfred A. Bokpin, Zangina Isshaq, Eunice Stella NyarkoAbstract:Purpose – The study aims to seeks to ascertain the impact of Corporate Disclosure on foreign equity ownership. Corporate Disclosures are important to for stock markets because it is an activity that mitigates information differences between company insiders and outsiders. Design/methodology/approach – Corporate Disclosures assume an even greater important when company outsiders are not domiciled in the same country as the company and the company insiders. In this study, the relation between foreign share ownership and Corporate Disclosures using data on Ghana, Kenya and Nigeria is examined. Findings – The consistent results in this study are that foreign share ownership is positively related to firm size. A negative relation, however, between foreign share ownership and Corporate Disclosure is found, but this turns out to be related to Disclosures about ownership, while Disclosures on financial reporting and board management have a positive and insignificant statistical relation taking into account unobse...
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Determinants and value relevance of Corporate Disclosure: Evidence from the emerging capital market of Ghana
Journal of Applied Accounting Research, 2013Co-Authors: Godfred A. BokpinAbstract:Purpose - – The purpose of this paper is to document the determinants and value relevance of Corporate Disclosure and transparency on the Ghana Stock Exchange (GSE). Design/methodology/approach - – The paper employs the Fama and French model by relating firm value to firm level characteristics, with a sample of 27 firms on the GSE over a six-year period (2003-2008) Findings - – The author found positive though statistically insignificant relationship between Corporate Disclosure and firm value represented by market to book value ratio and negative for stock price. Consistent with the political cost, signalling, agency and economic theories of Corporate Disclosure, the author found firm size, financial leverage, audit quality, age and profitability to be significant firm level characteristics determining Corporate Disclosure in Ghana. Though the adoption of IFRS is significant, it has marginally improved Disclosure, though perhaps it is observed more in breach than in compliance and practical steps must be taken to improve Disclosure practice on the GSE. Originality/value - – The main value of the paper lies in providing further evidence of the value relevance and determinants of Corporate Disclosure using emerging data.
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Corporate Disclosure, transparency and stock liquidity: Empirical estimation from the Ghana Stock Exchange
African Journal of Business Management, 2013Co-Authors: Godfred A. BokpinAbstract:Illiquidity remains one of the biggest challenges facing many African Securities Markets including Ghana. The paper sought to empirically document the extent to which Corporate Disclosure and transparency (TDS) reduces information asymmetry on the GSE with a residual effect of improving liquidity. Using a multidimensional liquidity approach of Liu (2006) and Lesmond et al. (1999) and the Corporate Disclosure and transparency (TDS) index of Aksu and Kosedag (2006), Liquidity on TDS was regressed whilst controlling for firm level properties for 27 listed companies from 2003-2008. The study revealed that TDS significantly reduces information asymmetry among both informed and uninformed investors as well as minimising the agency conflicts between managers and outside investors resulting in shortening the Liu (2006) turnover-adjusted number of non-trading days. The study further revealed that on the average the potential delay in executing an order is over 100 days among investors on the Ghana Stock Exchange (GSE). Firm characteristics such as financial leverage, return on equity and size are significant determinants of stock liquidity on the GSE Key words: Corporate Disclosure, transparency, liquidity, Ghana Stock Exchange, Ghana.
