Two Essays on Investors' Perceptions about Management Disclosures PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Two Essays on Investors' Perceptions about Management Disclosures PDF full book. Access full book title Two Essays on Investors' Perceptions about Management Disclosures by Hailan Zhou. Download full books in PDF and EPUB format.
Author: Hailan Zhou
Publisher:
ISBN:
Category :
Languages : en
Pages : 236
Get Book Here
Book Description
Author: Hailan Zhou
Publisher:
ISBN:
Category :
Languages : en
Pages : 236
Get Book Here
Book Description
Author: Kyungjin Park
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
This dissertation contains two chapters on the topic of corporate disclosure related to the recent changes in investment trends. Motivated by increased retail investors' attention and influence on the stock market, the first chapter examines whether and how firms change their disclosure behavior in response to retail investor attention. Using data from the online community WallStreetBets as a proxy for retail investor attention, I find a positive association between retail investor attention and disclosure, but only for firms that do not have lottery characteristics. I interpret this result as due to the fact that retail investors with a gambling purpose invest in firms that have lottery characteristics and focus on market outcomes rather than disclosure. In contrast, non-gambling purpose (i.e., investment purpose) retail investors pay attention to information managers disclose, which can lead to the desire for greater disclosure. In addition, the results show that firms provide more soft and optimistic information in response to retail investor attention, which is a predicted response to retail investors' unsophisticated nature. Overall, the paper's results indicate that firms change their disclosure decisions selectively in response to retail investor attention. Motivated by the prevalence of passive fund investment, the second chapter analyzes the association between passive fund ownership and the processing of disclosed information. The significant size of passive fund ownership raises concerns that the market processes less information because passive fund investors do not speculate based on asset-specific information. However, taking advantage of their significant holdings, passive funds may influence managers of firms to improve public information environment and readability of disclosure, which incentivizes active investors to focus more on processing disclosure. Also, because of passive funds' greater willingness to lend shares, short selling becomes less costly, which incentivizes short sellers to process disclosure. Consistent with passive fund investors' facilitation of active investors' processing of disclosed information, I find that the market processes disclosures more thoroughly when there is higher passive fund ownership. I interpret that although passive fund investors do not process disclosures, passive funds successfully influence trading by active investors and short sellers.
Author: Stephen Bradley Daughdrill
Publisher:
ISBN:
Category : Electronic dissertations
Languages : en
Pages : 181
Get Book Here
Book Description
This dissertation consists of three essays on the strategic qualitative disclosure decisions of hedge funds and mutual funds. The dissertation research seeks to contribute to a new understanding of the relationship between the content of fund filings and behavioral tendencies of fund stakeholders including management and investors. In the first essay, I evaluate the use of strategic disclosure by hedge fund management in order to conceal reporting inconsistencies. I inspect fund returns using a series of nine performance tests and identify a significant number of hedge funds with irregular return patterns. Using text-based analysis, I assess the qualitative content of strategy statements and find funds with suspicious performance produce distinct disclosure in regards to word choice. I conclude that these funds attempt to reduce detection by designing strategy descriptions that deviate from industry peers. My results come in contrast to prior evidence on herding tendencies and persist using alternative variable definitions and model specifications. The second essay investigates the impact of hedge fund strategic qualitative disclosure choices on fund investment. Specifically, I examine fund strategy descriptions using text-based analysis and study the relationship between the measures and hedge fund flows. In both the univariate and multivariate settings, I find strong evidence that the textual composition of fund filings can contribute to a fund's ability to attract investors. Overall, this essay finds support for the assertion that disclosure content influences investor decision-making. The findings are robust to alternative variable definitions and model specifications. In the third essay, I examine the effects of mutual fund filing composition on the ability of funds to attract investors. Using a large sample of U.S., open-ended mutual funds, I compute textual similarity and readability measures of the Investment Objective-Strategy and Principal Risk sections and examine the relationship with mutual fund flows. In the univariate setting, readability and similarity are drivers of mutual fund flows. After the inclusion of common fund flow controls and alternative model specifications, the explanatory power of the textual measures is partially reduced. Overall, I find mixed evidence that mutual fund investors use disclosure as a means to make investment decisions.
Author:
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 534
Get Book Here
Book Description
Author: Pedro Matos
Publisher: CFA Institute Research Foundation
ISBN: 1944960988
Category : Business & Economics
Languages : en
Pages : 80
Get Book Here
Book Description
This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.
Author: United States. Congress. Senate. Committee on Government Operations. Subcommittee on Budgeting, Management, and Expenditures
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 972
Get Book Here
Book Description
Author: United States. Congress. Senate. Government Operations Committee
Publisher:
ISBN:
Category :
Languages : en
Pages : 1316
Get Book Here
Book Description
Author: TuEngr.com
Publisher: International Transaction Journal of Engineering, Management, & Applied Sciences & Technologies
ISBN:
Category : Business & Economics
Languages : en
Pages : 245
Get Book Here
Book Description
Articles in ITJEMAST 13(5)
Author: Michael I. C. Nwogugu
Publisher: Routledge
ISBN: 1317146557
Category : Business & Economics
Languages : en
Pages : 275
Get Book Here
Book Description
Traditional research about Financial Stability and Sustainable Growth typically omits Earnings Management (as a broad class of misconduct), Complex Systems Theory, Mechanism Design Theory, Public Health, psychology issues, and the externalities and psychological effects of Fintech. Inequality, Environmental Pollution, Earnings Management opportunities, the varieties of complex Financial Instruments, Fintech, Regulatory Fragmentation, Regulatory Capture and real-financial sector-linkages are growing around the world, and these factors can have symbiotic relationships. Within Complex System theory framework, this book analyzes these foregoing issues, and introduces new behaviour theories, Enforcement Dichotomies, and critiques of models, regulations and theories in several dimensions. The issues analyzed can affect markets, and evolutions of systems, decision-making, "nternal Markets and risk-perception within government regulators, operating companies and investment entities, and thus they have Public Policy implications. The legal analysis uses applicable US case-law and statutes (which have been copied by many countries, and are similar to those of many common-law countries). Using Qualitative Reasoning, Capital Dynamics Theory (a new approach introduced in this book), Critical Theory and elements of Mechanism Design Theory, the book aims to enhance cross-disciplinary analysis of the above-mentioned issues; and to help researchers build better systems/Artificial-Intelligence/mathematical models in Financial Stability, Portfolio Management, Policy-Analysis, Asset Pricing, Contract Theory, Enforcement Theory and Fraud Detection. The primary audience for this book consists of university Professors, PHD students and PHD degree-holders (in industries, government agencies, financial services companies and research institutes). The book can be used as a primary or supplementary textbook for graduate courses in Regulation; Capital Markets; Law & Economics, International Political Economy and or Mechanism Design (Applied Math, Operations Research, Computer Science or Finance).
Author: Saibal Ghosh
Publisher: Taylor & Francis
ISBN: 1040113885
Category : Business & Economics
Languages : en
Pages : 369
Get Book Here
Book Description
The world of economics and management is being reshaped in more ways than one including rapid advancements in technology and business practices. This book weaves together a diverse set of issues such as consumption patterns, wealth disparities and the management, behaviour and financial health of businesses and consumers to analyse the effectiveness of economic and business strategies. Rapid technological advancements along with the need for cost-effectiveness and convenience are making service providers embrace technology as a partner rather than a tool in their economic journey. Relatedly, traditional management philosophy is coming under a scanner, with an increasing emphasis on holistic development of the organization, rather than a top-down approach, as has been the case in the past. Understanding major developments in economic and financial policymaking has perennially been a key concern of public policy, shaped by recent global and related developments, this has necessitated a relook at these issues, couched in a cross-cutting perspective. Viewed from this standpoint, the present volume, written to honour the rich academic work of the eminent economist Professor Anindya Sen intersects this triad of economics, finance and public policy that are integral to policy thinking and its formulation. The smorgasbord of research ideas, involving both theoretical analysis and empirical evidence, presented in this volume, provides useful perspectives on the drivers that are continually reshaping the dynamism in the world around us and, in the process, integrates a multidisciplinary perspective of focusing on several pertinent policy challenges. This book will be useful to researchers and students of economics, finance and public policy, economic theorists, microeconomics, and even to those with a broader canvass such as researchers in macroeconomics, international economics, business, management and marketing.
