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The Information Content of 10-K File Size Change 10-K文件大小变化的信息内容
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2020-05-09 DOI: 10.2139/ssrn.3004403
Quan Gan, Buhui Qiu
{"title":"The Information Content of 10-K File Size Change","authors":"Quan Gan, Buhui Qiu","doi":"10.2139/ssrn.3004403","DOIUrl":"https://doi.org/10.2139/ssrn.3004403","url":null,"abstract":"Change in 10-K file size robustly and negatively predicts future stock returns. The documented return predictability reflects mainly information content of 10-K file size change on future cash flow news. We examine whether this return predictability derives from managers’ risk disclosures or disclosure obfuscation. We find that the return predictability increases in future return horizon. It is driven by positive file size changes and is stronger for firms with high information asymmetry. It is stronger when managers have more “skin in the game.” It persists even when investor attention is high. It derives from the component of file size change that cannot be explained by business fundamentals. Although word count changes in specific 10-K items can predict future stock returns, word count change in Item 1A, the risk disclosure section, has no return predictability. Our findings are broadly consistent with the managerial disclosure obfuscation explanation and suggest that lengthier 10-K disclosure, to the extent it is used by managers to obfuscate bad news, does not necessarily benefit shareholders.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123471487","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Spinning the CEO Pay Ratio Disclosure 旋转CEO薪酬比率披露
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2020-04-06 DOI: 10.2139/ssrn.3481540
Audra L. Boone, A. Starkweather, Joshua T. White
{"title":"Spinning the CEO Pay Ratio Disclosure","authors":"Audra L. Boone, A. Starkweather, Joshua T. White","doi":"10.2139/ssrn.3481540","DOIUrl":"https://doi.org/10.2139/ssrn.3481540","url":null,"abstract":"We examine the real effects of disclosing information about the pay gap between the CEO and employees. Firms reporting higher pay ratios tend to include discretionary narrative portraying their employee relations or compensation practices in a positive light. Reporting higher ratios is associated with negative changes in the tone of media coverage, shareholder voting on executive compensation, and employee productivity and morale. Spinning the pay ratio disclosure fails to attenuate these negative outcomes. Our findings suggest that the disclosure of the ratio, rather than vertical pay disparity alone, explains the negative stakeholder response.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125733357","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 14
Responding to Activist Short Sellers: Allegations, Firm Responses, and Outcomes 回应激进卖空者:指控、坚定回应和结果
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2020-02-21 DOI: 10.2139/ssrn.3636236
Jan Brendel, James P. Ryans
{"title":"Responding to Activist Short Sellers: Allegations, Firm Responses, and Outcomes","authors":"Jan Brendel, James P. Ryans","doi":"10.2139/ssrn.3636236","DOIUrl":"https://doi.org/10.2139/ssrn.3636236","url":null,"abstract":"Activist short sellers identify and publicize allegations of overvaluation, and frequently fraud, to induce long shareholders to sell and thereby to profit from the resulting price decline. We provide descriptive evidence that firms make several distinct types of disclosures in response to activist short seller campaigns and are more likely to respond publicly to reports that present new evidence not already available in public filings. Firms that disclose internal investigations may have more serious issues, including fraud, and these firms are associated with higher rates of SEC enforcement actions and lower rates of being acquired. Our analysis provides important new evidence on the role of activist short selling and the information revealed in target firm responses.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130668165","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
The Pitch: Managers’ Disclosure Choice During IPO Roadshows 推介:IPO路演期间管理者的信息披露选择
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2020-02-01 DOI: 10.2139/ssrn.3545716
Elizabeth Blankespoor, Bradley E. Hendricks, Gregory S. Miller
{"title":"The Pitch: Managers’ Disclosure Choice During IPO Roadshows","authors":"Elizabeth Blankespoor, Bradley E. Hendricks, Gregory S. Miller","doi":"10.2139/ssrn.3545716","DOIUrl":"https://doi.org/10.2139/ssrn.3545716","url":null,"abstract":"We examine firm disclosure during the initial public offering (IPO) roadshow presentation relative to the registration filing to examine the informativeness of a management presentation designed to attract investors. These two disclosure events are the primary information sources during the IPO, but the IPO roadshow is shorter, typically allowing managers more autonomy to select what information is released and how it is discussed. We find that IPO roadshows have significantly more positive, less negative, and less uncertain language than the SEC filing. Using machine learning to classify roadshow topics into one of five major topics in the registration statement, we find that roadshows differ in both the topics selected and the language used within each topic. We then compare the predictive ability of the roadshow and filing language, and we find that roadshow language predicts future accounting performance but filing language does not. These results highlight the informational role of management presentations.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"134 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132809537","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 13
Corporate Disclosure and Capital Markets 公司信息披露与资本市场
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2020-01-09 DOI: 10.2139/ssrn.3516538
Zaur Abdullazade
{"title":"Corporate Disclosure and Capital Markets","authors":"Zaur Abdullazade","doi":"10.2139/ssrn.3516538","DOIUrl":"https://doi.org/10.2139/ssrn.3516538","url":null,"abstract":"Corporate disclosures are critical for functioning of capital markets demanding financial information. Firms provide disclosures through structured and regulated reports, including financial statements, disclosure notes, management recommendations, other compliance filings. In addition, firms voluntarily communicate their proforma financial statements and business data arising from forecasts or corporate reports prepared for investors. Lastly, there are certain disclosures demanded by financial and market intermediaries, industry experts and media. \u0000 \u0000This paper introduces questions and empirical methods that are pertinent to capital markets research in accounting (hereinafter, CMRA). In section II, the literature review is discussed. Forces giving rise to demand for disclosures in modern capital-market economy, and the institutions increasing the credibility of disclosures are addressed. In the same section, I inform about the main research topics used for studying of financial reporting and disclosures associated with capital markets. I use the disclosure framework to identify research questions within each topic. Empirical evidence and research methodology related with CMRA are reviewed in section III. Section IV discusses reflections on constraints of studying financial reporting issues and their impact on capital markets. Previous studies in CMRA documented disclosures associated with stock performance, bid-ask spreads, transactions, cost of capital, analyst coverage, executive compensation and institutional ownership (Healy, P. et al. 2001). Also, section IV evaluates the previous studies falling short due to endogeneity and measurement error problems and complicating the interpretation of research findings. This paper will aid potential researchers in identification of many open, i.e. unanswered, questions in the CMRA field. Section V summarizes the main ideas, methodology and desired results for the research. Finally, section VI lists bibliography used for the references.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133411994","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Turning Back the Clock on Disclosure Regulation? – Evidence from the Termination of the Quarterly Reporting Mandate in Europe 信息披露监管的时间倒流?-来自欧洲季度报告授权终止的证据
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2019-09-11 DOI: 10.2139/ssrn.3451938
Joerg-Markus Hitz, Florian Moritz
{"title":"Turning Back the Clock on Disclosure Regulation? – Evidence from the Termination of the Quarterly Reporting Mandate in Europe","authors":"Joerg-Markus Hitz, Florian Moritz","doi":"10.2139/ssrn.3451938","DOIUrl":"https://doi.org/10.2139/ssrn.3451938","url":null,"abstract":"We investigate economic consequences of the deregulation of quarterly reporting in member states of the European Union, as stipulated by the amended Transparency Directive in 2013. We observe that subsequent to this deregulation, only relatively few firms reduced reporting frequency by switching from quarterly reporting to semi-annual reporting. Using a difference-in-differences design, we then explore the capital market and investment (real) effects of the deregulation. We find that on average, firms that chose to terminate quarterly reporting experienced reductions in liquidity, and increased their long-term investments. These results are robust to controlling for endogeneity, and point at both, potential economic benefits (less short-termism) and losses (reduced transparency) of the deregulation. Our findings represent rare evidence on economic consequences of disclosure deregulation, suggesting that prior regulatory effects can be potentially reversed, effectively “turning back the clock”. This finding is of potential interest not only to researchers, but also to policy-makers and securities regulators.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129511239","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Earnings Quality, Corporate Governance Structure and Corporate Social Performance of Manufacturing Companies Listed on the Stock Exchange of Thailand 泰国证券交易所上市制造业公司盈余质量、公司治理结构与公司社会绩效
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2019-07-01 DOI: 10.2139/ssrn.3547043
Chutima Nakprasit, Prasobrerk Rattanayong
{"title":"Earnings Quality, Corporate Governance Structure and Corporate Social Performance of Manufacturing Companies Listed on the Stock Exchange of Thailand","authors":"Chutima Nakprasit, Prasobrerk Rattanayong","doi":"10.2139/ssrn.3547043","DOIUrl":"https://doi.org/10.2139/ssrn.3547043","url":null,"abstract":"The objective of this study is to investigate the relationship between earnings quality, corporate governance structure and corporate social performance (CSP) emphasizing on 317 manufacturing companies listed on the Stock Exchange of Thailand (SET). Earnings quality is calculated from four measurements while corporate governance structure is represented by ownership concentration, foreign ownership, board independence and CEO duality. In this study, CSP disclosure index is constructed in accordance with Thai institution guideline based on GRI (Global Reporting Initiative) framework in order to assess the extent of CSP. Regression analysis reveals a significant positive relationship between earnings quality and CSP. The result also indicates a significant positive relationship between ownership concentration and CSP. It implies that ethical and transparent character of Thai companies and ownership concentration contributes to CSP commitment.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125127762","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Revisiting IFRS Consequences: Evidence from Wider Corporate Reporting 重新审视国际财务报告准则的影响:来自更广泛公司报告的证据
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2019-06-14 DOI: 10.2139/ssrn.3469639
E. Efretuei
{"title":"Revisiting IFRS Consequences: Evidence from Wider Corporate Reporting","authors":"E. Efretuei","doi":"10.2139/ssrn.3469639","DOIUrl":"https://doi.org/10.2139/ssrn.3469639","url":null,"abstract":"Prior IFRS adoption effects focus on accounting quantitative information but there is scant evidence of the impact on textual attributes. Motivated by the increasing complexity of annual report narratives, this study examines the impact of IFRS adoption on the level of complexity of accounting narratives. Narrative complexity is measured using, increased disclosures, syllabification at the word level and fog index from computational linguistics. Statistical regression fixed effects model including accounting narrative research control variables is used to analyse the relationship between the observed level of annual report narrative complexity and mandatory adoption excluding the adoption year effects. The results find evidence of a significant increase in complexity with the mandatory regulatory adoption of IFRS in 2005 and this increase appears to be associated with increased narrative disclosures (longer narratives), increased use of complex words and overall textual complexity.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"247 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116065753","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Asset Disposal as a Method of Real Earnings Management: Evidence from the UK 资产处置作为一种真实盈余管理方法:来自英国的证据
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2019-06-01 DOI: 10.1111/abac.12155
Domenico Campa, Tongyu Cao, R. Donnelly
{"title":"Asset Disposal as a Method of Real Earnings Management: Evidence from the UK","authors":"Domenico Campa, Tongyu Cao, R. Donnelly","doi":"10.1111/abac.12155","DOIUrl":"https://doi.org/10.1111/abac.12155","url":null,"abstract":"We examine asset sales as a method of real earnings management around the benchmarks of loss avoidance and last year's earnings. Evidence is reported of asset sales to boost or reduce earnings near the benchmark of last year's earnings. For the zero earnings benchmark our results are moderated by the opening balance of accruals: only firms with high levels of accruals use asset sales to boost earnings to avoid a loss and only firms with low levels of accruals use asset sales as part of a big bath. We suggest that firms with high accrual balances find it difficult to use additional income‐increasing accruals but find it more convenient to write off accruals rather than sell assets to artificially reduce earnings. International Financial Reporting Standards (IFRS) are associated with reduced use of asset sales for gains and especially with reduced asset sales for losses. We ascribe this to IFRS introducing additional judgement and estimation in relation to the valuation of both long‐lived and current assets on a recurring basis. [ABSTRACT FROM AUTHOR]","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"110 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127211276","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Issues with Public Disclosure of Non-GAAP Financial Metrics 非公认会计准则财务指标公开披露的问题
CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2019-05-13 DOI: 10.2139/ssrn.3405661
M. Gordon
{"title":"Issues with Public Disclosure of Non-GAAP Financial Metrics","authors":"M. Gordon","doi":"10.2139/ssrn.3405661","DOIUrl":"https://doi.org/10.2139/ssrn.3405661","url":null,"abstract":"The use of non-Generally Accepted Accounting Principles (non-GAAP) metrics by firms has increased dramatically in recent years. However, the regulatory structure for ensuring these metrics do not cross the line from appropriate discretion by managers to misleading investors has not kept pace. The last major pronouncement from the SEC addressing the disclosure of non- GAAP metrics was several years ago and has only been supplemented with unofficial clarifications to deal with highly technical aspects of securities laws. This paper examines the widespread usage of non-GAAP metrics and why the current lack of regulation with regards to disclosure of these data in unofficial settings, such as social media, is a problem that regulators need to address for protection of the investing public.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"131 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134482136","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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