上市公司自愿信息披露与高管薪酬绩效敏感度

本文考察了自愿信息披露程度对高管薪酬绩效敏感度的影响。我们发现,自愿信息披露本身对高管薪酬无显著影响,但对高管薪酬绩效敏感度的影响显著为正。此外,在董事会有女性董事或者不存在两权分离的情况下,自愿信息披露对高管薪酬绩效敏感度的影响显著为正。这说明公司治理较好的董事会可以更好的利用自愿披露的信息对高管进行评价,从而改善对高管的激励。     

Voluntary Disclosure, Earnings Quality, and Cost of Capital

We investigate the relations among voluntary disclosure, earnings quality, and cost of capital. We find that firms with good earnings quality have more expansive voluntary disclosures (as proxied by a self‐constructed index of coded items found in 677 firms' annual reports and 10‐K filings in fiscal 2001) than firms with poor earnings quality. In unconditional tests, we find that more voluntary disclosure is associated with a lower cost of capital. However, consistent with the complementary association between disclosure and earnings quality, we find that the disclosure effect on cost of capital is substantially reduced or disappears completely (depending on the cost of capital proxy) once we condition on earnings quality. Extensions probing alternative proxies show that our findings are robust to measures of earnings quality and cost of capital, but not to other measures of voluntary disclosure. In particular, we find opposite relations for voluntary disclosure measures based on management forecasts and conference calls, and we find no relations for a press release based measure.     

Shaping Liquidity: On the Causal Effects of Voluntary Disclosure

Can managers influence the liquidity of their firms’ shares? We use plausibly exogenous variation in the supply of public information to show that firms actively shape their information environments by voluntarily disclosing more information than regulations mandate and that such efforts improve liquidity. Firms respond to an exogenous loss of public information by providing more timely and informative earnings guidance. Responses appear motivated by a desire to reduce information asymmetries between retail and institutional investors. Liquidity improves as a result and in turn increases firm value. This suggests that managers can causally influence their cost of capital via voluntary disclosure.     

Voluntary Disclosure of Bad News

Abstract:   This paper shows that in a voluntary disclosure environment entailing both a fixed disclosure cost and a variable proprietary cost, partial disclosure equilibria may arise in which firms voluntarily disclose bad private information to the public. Furthermore, it is shown that such equilibria may arise more frequently as the threat of incuring proprietary cost increases and/or the proprietary cost itself increases.     

Incremental Voluntary Disclosure on Corporate Websites,Determinants and Consequences

This study analyses the determinants and consequences of internet financial reporting (IFR). Our evidence indicates that firms use the internet to report complementary information on firm background, management forecasts, intangible assets and on social and environmental issues. Our results indicate that the decision to provide additional voluntary financial disclosures through corporate websites is mostly influenced by share turnover, the future profitability of the firm and the level of competition in the industry. Last, we find that the extent of voluntary disclosure on corporate websites is related positively to forecast accuracy, and negatively to the dispersion of analysts forecasts, suggesting that such disclosures provide useful information to analysts.     

综合收益披露改革与管理层盈余操纵

基于综合收益列报改革契机,考察管理层盈余管理活动的新趋势和手段.结果显示:列报改革促使企业管理层大幅度增加应计盈余管理和销售异常现金流真实盈余管理活动,以达到业绩改善,弥补净利润和其他综合收益盈余信息透明度提高所带来的损失.针对以往通过出售有价证券结转损益进行盈余管理的企业,提出应加强其应计盈余管理与真实盈余管理中异常销售活动的监督.     

The Relationship between Voluntary Disclosure,External Financing and Financial Status

Using unique Swedish disclosure data from 2007 to 2012, this paper reports three important sets of findings with regard to the relationship between firms’ voluntary disclosure, external financing and financial status. First, financially strong firms disclose more than weaker ones. Second, firms that obtain new financing (equity or debt) disclose more than firms that do not. Third, the association between voluntary disclosure and financing events is stronger in financially weak firms. This last finding is new in the literature. Perhaps financially weak firms that obtain external funding have higher disclosure to counteract contracting and valuation problems in the financial markets.     

市场化进程、自愿性信息披露和权益资本成本

基于市场化进程中政府对企业干预程度的差异,本文研究市场化进程对自愿性信息披露与权益资本成本关系的影响。研究发现,市场化进程对自愿性信息披露与权益资本成本的负相关关系起加强作用;更进一步地,在市场化进程较低的地区,受较强的政府干预的影响,国有上市公司比非国有上市公司自愿性信息披露与权益资本成本的相关关系更弱,相反,在市场化进程较高的地区,政府会减少对企业的干扰,非国有上市公司相比于国有上市公司对这种影响的弹性更大,表现在非国有上市公司比国有上市公司更能通过披露较多的自愿性信息来降低权益资本成本。     

Mandatory Disclosure,Voluntary Disclosure,and Stock Market Liquidity: Evidence from the EU Bank Stress Tests

We use the EU stress tests and the Eurozone sovereign debt crisis to study the consequences of supervisory disclosure of banks’ sovereign risk exposures. We test the idea that a mandatory one‐time disclosure induces an increase in voluntary disclosures about sovereign risk in the following periods and, through the shift in the voluntary disclosure equilibrium, increases the liquidity of banks’ shares. First, we find that the timing and content of different mandatory disclosure events helps explain the levels of stress‐test banks’ voluntary disclosures about sovereign risk. Second, although the bid‐ask spreads of stress test participants generally increased after the mandatory stress test in 2011, our results suggest that the decrease in market liquidity is entirely attributable to those stress‐test participants that did not commit to voluntarily maintaining the disclosures of sovereign risk exposure.     

公司业绩组合、信息操作与中报的及时性

上市公司管理层在中报披露和预约披露中可能存在信息操作的动机，同时我国上市公司卷入盈余管理的可能性比较大，以至有时并不完全遵循“早些公布好消息，迟些披露坏消息”的规律。本文证实公司业绩组合和信息操作对中报披露和预约披露的及时性有着显著的影响。本文建议进一步减少上市公司信息操作空间和盈余管理行为，提高上市公司信息披露的及时性。     

公平和效率为导向的内部控制信息披露方式的转变

自《萨班斯--奥克斯利法案》颁布以来,美国上市公司内部控制信息披露方式由自愿性披露转变为强制性披露.而在2008年我国五部委联合发布的《企业内部控制基本规范》标志着我国上市公司内部控制信息也开始向强制性披露方式转变.论文试图用经济学的公平与效率理论分析内部控制信息由自愿性披露方式转变为强制性披露方式背后的原因,经过分析...     

Lockup and Voluntary Earnings Forecast Disclosure in IPOs

We examine the relation between lockup length and voluntary earnings forecast disclosures for IPOs in Singapore. Unlike firms in the United States, companies in Singapore are allowed to provide earnings forecasts in their IPO prospectuses. We find that forecasters are more likely to accept longer lockup periods, so that the lockup expires after the first post-IPO earnings announcement. Our study also shows that because the lockup agreement removes personal incentives to issue aggressive forecasts, IPO firms tend to issue conservative forecasts. Overall, our results suggest that the lockup mechanism adds credibility to the earnings forecast given in the IPO prospectus.     

Voluntary Financial Disclosure By Australian Listed Companies

As Australia becomes an increasingly important equity market, the level of information disclosed by Australian listed companies is likely to be of interest to a growing audience of prospective investors. This study tests the relation between five firm-specific variables drawn from agency theory and the general level of financial information voluntarily disclosed by companies listed on the Australian Stock Exchange. The five variables are foreign listing status, firm size; leverage, assets-in-place and type of audit firm. The empirical evidence suggests that foreign listing status, firm size, and type of audit firm are significantly related to the level of information voluntarily disclosed by listed companies.     

Credit Default Swaps and Managers’ Voluntary Disclosure

We investigate how the availability of traded credit default swaps (CDSs) affects the referenced firms’ voluntary disclosure choices. CDSs enable lenders to hedge their credit risk exposure, weakening their incentives to monitor borrowers. We predict that reduced lender monitoring in turn leads shareholders to intensify their monitoring and demand increased voluntary disclosure from managers. Consistent with this expectation, we find that managers are more likely to issue earnings forecasts and forecast more frequently when traded CDSs reference their firms. We further find a stronger impact of CDS availability on firm disclosure when (1) lenders have higher ability and propensity to hedge credit risk using CDSs, and (2) lender monitoring incentives and monitoring strength are weaker. Consistent with an increase in shareholder demand for public information disclosure induced by a reduction in lender monitoring, we find a stronger effect of CDSs on voluntary disclosure for firms with higher institutional ownership and stronger corporate governance. Overall, our findings suggest that firms with traded CDS contracts enhance their voluntary disclosure to offset the effect of reduced monitoring by CDS‐protected lenders.     

The Credibility of Voluntary Disclosure and Insider Stock Transactions

We examine stock price reaction to voluntary disclosure of innovation strategy by high‐tech firms and its relation with insider stock transactions before the disclosure. We find that, despite the qualitative and subjective nature of strategy‐related disclosure, there is positive stock price reaction to the disclosure. The evidence suggests that investors view the disclosure as credible good news. We also find that the disclosure is associated with more positive stock price reaction when it is preceded by insider purchase transactions. This evidence is consistent with insider purchase enhancing the credibility of the disclosure. The credibility‐enhancing effect is found to be stronger for firms with higher degrees of information asymmetry (younger firms, firms with lower analyst following, loss firms, and firms with higher research and development (R&D) intensity). Our evidence also indicates that predisclosure insider purchase is associated with greater future abnormal returns, suggesting that managers are privy to good news shortly before the disclosure.     

上市公司自愿性信息披露影响因素研究

自愿性信息披露对于增强投资者系统性保护、提升上市公司治理水平具有重要意义。本文以深市样本公司数据为基础，按上市公司战略性信息、非财务主要信息和财务信息三类信息披露指数，考察公司规模、财务杠杆、经理层持股、公司盈利、外资股、审计费用对于我国上市公司自愿性信息披露的影响。研究表明，我国上市公司在自愿性信息披露方面缺乏充分的内在动机和完善的外在激励机制，自愿性信息披露行为尚侍进一步地系统性规范。     

Does Voluntary Disclosure Improve Stock Price Informativeness?

According to theory, comovement in stock prices reflects comovement in the fundamental factors underlying the values of stocks. Recent theory contends that stock price comovement can be driven by information markets or the informational opacity of the firm. To the extent that voluntary disclosure reduces information acquisition cost and enhances firm transparency, we predict that enhanced voluntary disclosure reduces stock price comovement. We provide evidence in support of this prediction using analyst evaluation of firm disclosure policy. Overall, our evidence supports the effectiveness of firm disclosure policy in increasing the amount of firm‐specific information contained in stock returns.     

Voluntary Disclosure of Intellectual Capital by Hong Kong Companies: Examining Size, Industry and Growth Effects Over Time

This paper investigates voluntary intellectual capital disclosure (ICD) by listed Hong Kong companies. It uses data taken from the years 1992, 1998 and 2002 to give a longitudinal account of voluntary ICD. Company size and industry effects on voluntary ICD are tested, as are the effects of time and level of disclosure on the financial success of a company. We find that levels of voluntary ICD are low but increase over time. Size and industry effects are found, while company financial success is positively correlated with the voluntary disclosure. These findings have implications for policy formulation and practice in relation to the reporting of intellectual capital.     

上市公司财务信息自愿披露指数实证研究

研究表明，上市公司财务信息自愿披露程度随时间有明显的增加，样本公司的平均披露分数随时间而增加，而且对同质和非同质样本统计上都是显的，中后期比早期披露程度更高。