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1.
Regulation Fair Disclosure and Earnings Information: Market, Analyst, and Corporate Responses 总被引:3,自引:0,他引:3
With the adoption of Regulation Fair Disclosure (Reg FD), market behavior around earnings releases displays no significant change in return volatility (after controlling for decimalization of stock trading) but significant increases in trading volume due to difference in opinion. Analyst forecast dispersion increases, and increases in other measures of disagreement and difference of opinion suggest greater difficulty in forming forecasts beyond the current quarter. Corporations increase the quantity of voluntary disclosures, but only for current quarter earnings. Thus, Reg FD seems to increase the quantity of information available to the public while imposing greater demands on investment professionals. 相似文献
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This paper examines the return of the original class of common stock around the announcement of the creation of a second class of stock. As in previous studies, this one finds a generally ambiguous market reaction on the first public announcement. However, this paper offers new evidence that both the voting rights and the compensation for loss of voting rights are important determinants of the market's reaction. Specifically, it demonstrates that a second class stock issue that contains no compensation for the lost voting rights results in negative returns. When the original stockholders are compensated for lost voting rights, they experience positive abnormal returns. 相似文献
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In differentiated product markets where consumer preferences are characterized by brand loyalty, an important role for advertising may be to overcome brand loyalty by encouraging consumers to switch to less familiar brands. Using a scanner panel dataset of breakfast-cereal purchases, I find evidence consistent with the hypothesis that advertising counteracts the tendencies of brand loyalty toward repeat purchasing. Equivalently, advertising reduces switching costs in this market. Furthermore, counterfactual experiments demonstrate that in markets with brand loyalty, advertising is an attractive and effective option—relative to alternative promotional activities, such as price discounts—of stimulating demand for a brand . 相似文献
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The Impact of Ethical Ideologies,Moral Intensity,and Social Context on Sales-Based Ethical Reasoning
Previous research indicates that ethical ideologies, issue-contingencies, and social context can impact ethical reasoning
in different business situations. However, the manner in which these constructs work together to shape different steps of
the ethical decision-making process is not always clear. The purpose of this study was to address these issues by exploring
the influence of idealism and relativism, perceived moral intensity in a decision-making situation, and social context on
the recognition of an ethical issue and ethical intention. Utilizing a sales-based scenario and multiple ethics measures included
on a self-report questionnaire, data were collected from a regional sample of business students, most of whom had modest work
experience. The results indicated that perceived moral intensity was associated with increased ethical issue recognition and
ethical intention. Idealism was also associated with increased ethical issue recognition, and relativism was associated with
decreased ethical intention. Social consensus was positively related to ethical issue recognition and intention, while competitive
context was inversely related to ethical intention. Finally, ethical issue recognition was associated with increased ethical
intention. Idealism, moral intensity, social consensus, and work experience worked together as predictors of ethical issue
recognition, whereas recognition of an ethical issue, relativism, moral intensity, social consensus, and competitive context
worked together to predict ethical intention. 相似文献
5.
Jongmoo Jay Choi Connie X. Mao Arun D. Upadhyay 《Journal of Business Finance & Accounting》2013,40(1-2):239-271
This paper examines the financial and operational hedging activities of US pharmaceutical and biotech firms that are subject to a high level of information asymmetry stemming from R&D investments during 2001–2006. We find evidence in support of the information asymmetry hypothesis à la Froot, Scharfstein and Stein (1993) that hedging helps mitigate the under‐investment problem. Specifically, we find that the use of financial derivatives is associated with greater firm value and that the value enhancement is larger for firms subject to greater information asymmetry and better growth opportunities. There is a synergy between financial hedging and operational hedging where the latter is used to counter product development risk. The results are robust with respect to alternative performance measures, industry‐specific growth measures, and the endogeneity problem. Our work is differentiated from existing studies that examined commodity‐based industries without addressing information asymmetry. 相似文献
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Curran CR 《Nursing economic$》2004,22(4):177, 210
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