Showing 1 - 10 of 280
There are people who are motivated by the non-selfish, non-strategic, and non-consequentialist“protected value” of truthfulness. We conduct an experiment directly assessing thisphenomenon. We find that people differ substantially in their truthfulness, with a largeminority powerfully...
Persistent link: https://www.econbiz.de/10009249003
Persistent link: https://www.econbiz.de/10012282685
This paper investigates the extent to which voluntary disclosure quality (VDQ) of firms is reflected in equity prices. As a novel contribution, we explore the idea that the speed with which equity prices reflect any benefits or costs of VDQ varies across firms. We find that in environments where...
Persistent link: https://www.econbiz.de/10009295768
Firms talk more about the climate on earnings conference calls when climate matters are more material for a firm, when there is greater shareholder pressure or when it is better prepared for climate-related disclosure. However, there is also large unexplained variation in climate talk. In a...
Persistent link: https://www.econbiz.de/10013168794
Persistent link: https://www.econbiz.de/10012421938
Does earnings management, even though legal, hinder investor trust in reported earnings? Or do investors regard earnings management as a way for firms to convey private information, or simply as a neutral feature of financial reporting? We find that past abstinence from earnings management...
Persistent link: https://www.econbiz.de/10011865525
This paper explores the idea that the speed with which equity prices reflect any benefits or costs of voluntary disclosure quality (VDQ) varies across firms. We find that for firms where we expect informational efficiency to be high, VDQ is not associated with returns beyond those available...
Persistent link: https://www.econbiz.de/10010550268
Persistent link: https://www.econbiz.de/10013341860
Persistent link: https://www.econbiz.de/10014564161
The paper examines a game-theoretic evolutionary model of anasset market with endogenous equilibrium asset prices. Assetspay dividends that are partially consumed and partially rein-vested. The investors use general, adaptive strategies (portfo-lio rules), distributing their wealth between...
Persistent link: https://www.econbiz.de/10009022139