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Endogenous Information Flows and the Clustering of Announcements

Acharya, Viral V; DeMarzo, Peter; Kremer, Ilan - C.E.P.R. Discussion Papers - 2011

We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don’t know whether or when the firm is informed, the firm will not necessarily disclose immediately. We show that bad market news can trigger the immediate release of information by firms....

Persistent link: https://www.econbiz.de/10009364996

The Predictability of Management Forecast Error: A Study of Australian IPO Disclosures

Hartnett, Neil; Romcke, Jennifer - In: Multinational Finance Journal 4 (2000) 1-2, pp. 101-132

context, Australian sharemarket initial public offerings. This article extends the literature on company forecast risk by … internationalisation) and by refining others. The study investigates the association between earnings forecast risk and conventional ex …-ante uncertainty proxies used to explain IPO underpricing. Ex-ante and ex-post explanatory variables are distinguished and a forecast …

Persistent link: https://www.econbiz.de/10010937088

EARNINGS MANAGEMENT AS AN EXPLANATION OF THE EQUITY ISSUE PUZZLE

Pastor, María Jesús; Poveda, Francisco - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2005

The poor stock price performance of firms that raise capital through seasoned equity offerings is one of the recent puzzles in financial literature. In this study we investigate whether pre-issue earnings management can explain these results for rights issues in Spain. Consistent with this...

Persistent link: https://www.econbiz.de/10005515940

Fair value accounting and financial stability

Enria, Andrea; Cappiello, Lorenzo; Dierick, Frank; … - European Central Bank - 2004

Accounting standard setters are considering the wider use of fair value accounting. This paper focuses on the financial stability implications of a move in the banking sector from the current accounting framework to full fair value accounting. A simulation exercise is performed on how various...

Persistent link: https://www.econbiz.de/10005530668

IFRS and the Need for Non-Financial Information

Boyer, Tristan; Chane-Alune, Elena - Luxembourg School of Finance, Faculté de droit, … - 2008

We aim at giving a general view of the context in which appears the latest accounting evolutions, linked with the actual financialization of the financial market. Isn’t there a risk that the new IFRS standards and their concern about transparency and comparability impoverish the information by...

Persistent link: https://www.econbiz.de/10005404522

International Financial Reporting Standards and Market Efficiency: A European Perspective

Lambert, M.; Hübner, G.; Michel, P.-A.; Olivier, H. - Luxembourg School of Finance, Faculté de droit, … - 2006

We investigate how the voluntary adoption of the International Financial Reporting Standards (IFRS) prior to 2005 has contributed to the informational efficiency regarding pan-European stock markets. We find evidence of the potential usefulness of the IFRS for making financial decisions. Taking...

Persistent link: https://www.econbiz.de/10005404523

Les IFRS et les besoins en informations non financières

Boyer, Tristan; CHANE-ALUNE, Elena - Luxembourg School of Finance, Faculté de droit, … - 2007

L’introduction depuis le 1er janvier 2005 des normes IAS/IFRS entraîne des remous compréhensibles dans la communauté des analystes financiers, légitimement interpellés par la nécessité d’appréhender correctement des comptes annuels établis selon un référentiel dont...

Persistent link: https://www.econbiz.de/10005404527

Disclosure to an Audience with Limited Attention

Hirshleifer, David; LIM, SONYA SEONGYEON; Teoh, Siew Hong - EconWPA - 2004

In our model, informed players decide whether or not to disclose, and observers allocate attention among disclosed signals, and toward reasoning through the implications of a failure to disclose. In equilibrium disclosure is incomplete, and observers are unrealistically optimistic. Nevertheless,...

Persistent link: https://www.econbiz.de/10005407521

The Value Relevance of Financial Distress Risk in the Case of RASDAQ Companies

Robu, Ioan-Bogdan; Robu, Mihaela-Alina; Mironiuc, Marilena - In: Journal of Accounting and Management Information Systems 13 (2014) 4, pp. 623-642

The financial distress risk concept has been referred as follow: negative net assets, insolvency, bond default, overdraft, unpaid dividends for the preferred stocks, bankruptcy etc. From all the stakeholders, investors are interested in the financial position and performance of a company and its...

Persistent link: https://www.econbiz.de/10011103282

Overvalued equity and financing decisions

Dong, Ming; Hirshleifer, David; Teoh, Siew Hong - Volkswirtschaftliche Fakultät, … - 2012

We test whether and how equity overvaluation affects corporate financing decisions using an ex ante misvaluation measure that filters firm scale and growth prospects from market price. We find that equity issuance and total financing increase with equity overvaluation; but only among overvalued...

Persistent link: https://www.econbiz.de/10011110898