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Author: Nathan Young Sharp
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 164
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Book Description
This dissertation investigates whether firms strategically disclose accounting restatements by coordinating restatement announcements with earnings releases, delaying the announcement of income-decreasing restatements, or obscuring restatement announcements by failing to disclose news of a restatement on a Form 8-K filing. I examine restatements announced after a Securities and Exchange Commission rule (effective August 24, 2004) that mandates a unique 8-K filing for restatements. Consistent with an attempt to lessen the negative impact of a restatement announcement, I find that when firms package restatement announcements with earnings releases they most often pair small income-decreasing restatements with positive earnings surprises. I also find that monitoring by the SEC decreases the probability of firms' mixing restatement and earnings news. On average, firms delay announcements of income-decreasing restatements longer than announcements of income-increasing restatements, and institutional ownership is positively associated with more timely disclosures of restatement news. I show that firms with weak corporate governance or less external monitoring are more likely to make news of a restatement difficult to find. Restatements performed without a Form 8-K filing are much less likely to be disclosed in a company-issued press release or to receive attention in the business press, and I find some evidence that the initial market reaction to obscure restatement announcements is less negative than the reaction to restatements disclosed transparently. Collectively, these results suggest that even in the presence of strict disclosure requirements, some firms attempt to strategically manage the timing and transparency of restatement announcements and investors do not appear to undo the effects of firms' strategic behavior.
Author: Nathan Young Sharp
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 164
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Book Description
This dissertation investigates whether firms strategically disclose accounting restatements by coordinating restatement announcements with earnings releases, delaying the announcement of income-decreasing restatements, or obscuring restatement announcements by failing to disclose news of a restatement on a Form 8-K filing. I examine restatements announced after a Securities and Exchange Commission rule (effective August 24, 2004) that mandates a unique 8-K filing for restatements. Consistent with an attempt to lessen the negative impact of a restatement announcement, I find that when firms package restatement announcements with earnings releases they most often pair small income-decreasing restatements with positive earnings surprises. I also find that monitoring by the SEC decreases the probability of firms' mixing restatement and earnings news. On average, firms delay announcements of income-decreasing restatements longer than announcements of income-increasing restatements, and institutional ownership is positively associated with more timely disclosures of restatement news. I show that firms with weak corporate governance or less external monitoring are more likely to make news of a restatement difficult to find. Restatements performed without a Form 8-K filing are much less likely to be disclosed in a company-issued press release or to receive attention in the business press, and I find some evidence that the initial market reaction to obscure restatement announcements is less negative than the reaction to restatements disclosed transparently. Collectively, these results suggest that even in the presence of strict disclosure requirements, some firms attempt to strategically manage the timing and transparency of restatement announcements and investors do not appear to undo the effects of firms' strategic behavior.
Author: Yuezhu Li
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 128
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Book Description
Financial disclosure, playing an important role in communicating business situations with external users, is always under strict standards and regulation rules in relation to treatments, contents and presence. Timing of these public announcements then become a popular firms’ disclosure strategy. Using U.S. financial market data over ten years from 2005 to 2015, this study examines the strategic intra-week timing of companies’ restatements disclosure with relation to the news contained. Different from previous studies on highly visible annual earnings announcements or on purely voluntary management forecast announcements, this research uses restatements whose disclosure are mandatory from regulator but the timings are unscheduled. In addition, the market reaction of these restatements in relation to the disclosure timing is examined, showing whether such distraction is a successful strategy in mitigating negative market reactions. This research contributes to both restatements studies and limited attention studies.
Author: Gary Previts
Publisher: Elsevier
ISBN: 0080545459
Category : Business & Economics
Languages : en
Pages : 347
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Book Description
The scope of service provided by professional accountants is influenced by legislation and case law as well as the dictates of a variety of government and private sector agencies: including State Boards of Accountancy, Academic Accreditation Bodies, the United States Securities and Exchange Commission, the Public Company Accounting Oversight Board, independent standard setting bodies such as the Federal Accounting Standards Advisory Board (US), the Financial Accounting Standards Board (US), the International Accounting Standards Board and self-regulatory organizations such as State Societies of CPA and the American Institute of Certified Public Accountants. There are equivalent and emerging local international bodies that exist in most developed countries. It is important for academics, students, practitioners, regulators and researchers to consider, study and understand the role and relationship of such bodies with the practice and content of our discipline. Research in Accounting Regulation is a refereed annual serial that seeks to publish high quality manuscripts, which address regulatory issues and policy affecting the practice of accountancy, broadly defined. Topics of interest include research based on: 1) Self-regulatory activities. 2) Case law and litigation. 3) Governmental and quasi-governmental regulation. 4) The economics of regulation, including modelling. This research series aims to encourage the submission of original empirical, behavioural or applied research manuscripts that consider strategic and policy implications for regulation, regulatory models and markets. It is intended for individual researchers, practitioners, regulators and students of accountancy who desire to increase their understanding of the regulation of accountancy.
Author: Homer Kripke
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 400
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Book Description
"The protection of vulnerable adults is a fast emerging area of work for local authorities, the NHS and other agencies. Safeguarding Vulnerable Adults and the Law, sets this within a comprehensive legal framework. The relevant law and guidance is extensive. It includes Department of Health guidance (No Secrets), human rights, the regulation of health and social care providers, the barring of carers from working with vulnerable adults, care standards tribunal cases, mental capacity, undue influence, assault, battery, wilful neglect, ill treatment, manslaughter, murder, theft, fraud, sexual offences, data protection and the sharing of information." "The book focuses on how these areas of law apply to vulnerable adults, and brings together an extensive body of case law to illustrate this. Also covered is how local authorities and the NHS may themselves be implicated in the harm - through abuse, neglect or omission - suffered by vulnerable adults. For example, in terms of the gross lapses in standards of care, infection control, nutrition and basic dignity sometimes to be found in hospitals." --Book Jacket.
Author: BDO USA
Publisher: John Wiley & Sons
ISBN: 1119724430
Category : Business & Economics
Languages : en
Pages : 608
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Book Description
This title clarifies new, difficult, and important reporting and disclosure requirements for SEC Reporting. You'll learn: The latest SEC developments and hot buttons. How to apply regulations S-X, S-K, and other SEC guidance. How to prepare and review financial statements and their related disclosures. It includes AS 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion.
Author: United States. Advisory Committee on Corporate Disclosure
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 894
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Book Description
Author: Carolyn B. Levine
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
To increase investor awareness of the sensitivity of financial statements to the methods, assumptions, and estimates underlying their preparation, the Securities and Exchange Commission proposed that firms include disclosures about critical accounting policies in their 10-Ks. Using a large sample of CAP disclosures from SEC filers, we examine the extent to which CAP disclosures correlate with existing financial statement information, provide new information, and correlate with existing measures of accounting quality. We also consider strategic disclosure strategies and examine whether actual disclosures are consistent with hypotheses generated from game theoretical analyses. We provide evidence that firms disclosures confirm information provided within existing financial statements, provide incremental information. Rather than policy by policy, disclosure decisions seem to be made conditionally, using a portfolio approach.
Author: Allan B. Afterman
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 638
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Book Description
Author: James Robert Brown
Publisher: Wolters Kluwer
ISBN: 9780735501560
Category : Law
Languages : en
Pages : 960
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Book Description
The Regulation of Corporate Disclosure, Third Edition is a complete and up-to-date handbook on the issue of corporate disclosure, covering the impact of the federal securities laws on both informal communications and the process of communicating with shareholders. The Third Edition expands topics previously covered, addressing the legal issues and practical concerns surrounding implementation of the Private Securities Litigation Reform Act of 1995, the Sarbanes-Oxley Act of 2002, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The book also has an in-depth treatment of managementand’s discussion and analysis (MDand&A), something that, although appearing in required SEC filings, involves many of the same difficult and complex issues raised by the informal disclosure process. Also addressed are: SEC reforms of the periodic reporting process; issues pertaining to stock research analysts and conflicts of interest; and various relevant corporate governance requirements and their disclosure implications. Critical areas analyzed include ;Disclosure requirements and anti-fraud provisions The duty to disclose Dissemination Issues involving materiality Disclosure of bad news Negotiations Dealing with analysts And much more!
Author:
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 252
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Book Description
