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Keywords: information asymmetry
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Journal Articles
The Accounting Review 1–24.
Published: 29 May 2024
... document an attenuated spike in earnings announcement (EA) information asymmetry for quarters containing more financial analysis on social media in the weeks prior to the EA. Cross-sectional evidence suggests this finding is stronger when coverage from traditional intermediaries is lower, for financial...
Journal Articles
The Accounting Review (2024) 99 (3): 287–313.
Published: 01 May 2024
... Editorship of W. Robert Knechel. 19 07 2022 12 10 2023 31 10 2023 2024 corporate misconduct management control systems supervisors information asymmetry delegation ethics Corporate misconduct, including deceptive business practices, customer fraud, misreporting...
Journal Articles
The Accounting Review 1–26.
Published: 08 March 2024
... by 13 percent. The effect is more pronounced when the project quality is high and for projects with less credible creators, high ex ante uncertainty, high information asymmetry between creators and backers, and high financial costs to backers. We also find IB DISCLOSE increases the likelihood...
Journal Articles
Journal Articles
The Accounting Review (2023) 98 (6): 299–325.
Published: 01 October 2023
... economic conditions and is likely driven by increased information costs. Our results highlight that local newspapers play a meaningful role in mitigating information asymmetry between insiders and outsiders. Data Availability: Data used in this study are available from the sources identified...
Journal Articles
The Accounting Review (2023) 98 (4): 55–88.
Published: 01 July 2023
... more disclosure and are willing to bear costs of disclosure to reduce information asymmetries among capital market participants. We then empirically test our predictions in the setting of newly public firms and firms where the CEO is approaching retirement. We find that firms with insiders that have...
Journal Articles
The Accounting Review (2022) 97 (7): 429–463.
Published: 01 November 2022
... to be constrained or unconstrained by the increase in prescribed timeliness. After the regulatory change, firms filing constrained 8-Ks exhibit increases in information asymmetry between investors and investor disagreement at the 8-K filing date relative to firms filing unconstrained 8-Ks. Moreover, the relative...
Journal Articles
The Accounting Review (2021) 96 (4): 81–109.
Published: 01 July 2021
... crash risk. Our evidence is consistent with recent theory that outside investors learn more about firms when tax enforcement is stricter. Additionally, path analysis suggests that the monitoring channel (direct path) plays a critical role in shaping crash risk relative to information asymmetry channels...
Journal Articles
The Accounting Review (2021) 96 (2): 261–301.
Published: 01 March 2021
... Beatty, under the Senior Editorship of Mark L. DeFond. 1 6 2016 1 5 2020 2021 adverse selection banks charge-offs competition financial reporting quality information asymmetry internal control system lending decisions material weakness monitoring nonperforming loans...
Includes: Supplementary data
Journal Articles
The Accounting Review (2021) 96 (1): 171–198.
Published: 01 January 2021
...; Gwen Yu, University of Michigan, Ross School of Business, Department of Accounting, Ann Arbor, MI, USA. Editor's note: Accepted by Mark T. Bradshaw, under the Senior Editorship of Mark L. DeFond. 1 9 2015 1 4 2020 2021 mutual funds information asymmetry delegated...
Journal Articles
The Accounting Review (2020) 95 (4): 331–363.
Published: 01 July 2020
... provide evidence that the introduction of a voluntary and unverified risk disclosure reduced information asymmetry within this unregulated market. JEL Classifications: M41; G24; L15; R12; D03. We are grateful for comments and suggestions from two anonymous referees, Cyrus Aghamolla, Mark Bagnoli...
Includes: Supplementary data
Journal Articles
The Accounting Review (2020) 95 (1): 79–99.
Published: 01 January 2020
... ex ante information asymmetry and expected profits for the informed trader by allowing him to refine his trading strategy and complete his information mosaic. The informed trader's ability to combine information and enhance his advantage is more prevalent when there is more uncertainty about...
Journal Articles
The Accounting Review (2019) 94 (6): 165–200.
Published: 01 November 2019
... information asymmetry asset substitution accounting information precision debt contracting Prior to committing to lend capital, lenders typically conduct independent investigations (“due diligence”) in order to verify financial information provided by borrowers and evaluate borrowers' general...
Journal Articles
The Accounting Review (2018) 93 (5): 51–71.
Published: 01 September 2018
... funding from the Lee Kong Chian Fellowship. Editor's note: Accepted by Rachel M. Hayes, under the Senior Editorship of Mark L. DeFond. June 2015 November 2017 2018 XBRL analysts institutions information asymmetry The eXtensible Business Reporting Language (XBRL...
Journal Articles
The Accounting Review (2018) 93 (4): 151–176.
Published: 01 July 2018
.... DeFond. September 2015 October 2017 2018 information asymmetry voluntary disclosure accounting financial reporting public information private information asset pricing The strategic communication between firms and investors in capital markets through corporate...
Journal Articles
The Accounting Review (2018) 93 (2): 37–59.
Published: 01 March 2018
...Dan Amiram; Alon Kalay; Avner Kalay; N. Bugra Ozel ABSTRACT We examine the role of the coupon choice in bond contracts as a signaling mechanism in the presence of information asymmetry between borrowers and lenders about the credit quality of the borrower. Prior literature focuses on the use...
Journal Articles
The Accounting Review (2017) 92 (4): 115–143.
Published: 01 July 2017
... understanding of investor attention and the effects of information demand. Several recent papers suggest that the extent to which investors access information, which increases both with broader dissemination and increased investor attention, is related to lower information asymmetry, such as lower bid...
Journal Articles
The Accounting Review (2017) 92 (3): 57–85.
Published: 01 May 2017
..., by communicating with banks privately, unionized firms can reduce the adverse selection costs while preserving the information asymmetry with organized labor. Furthermore, I show that organized labor influences the structure of syndicated loans. When firms with strong unions withhold public disclosures...
Journal Articles
The Accounting Review (2015) 90 (6): 2483–2514.
Published: 01 November 2015
... absolute accrual model residuals. Finally, we examine the information processing effects of accounting consistency. We find that greater accounting consistency in the time-series and the cross-section is associated with lower information asymmetry, as proxied by bid-ask spread and illiquidity. Greater...
Journal Articles
The Accounting Review (2015) 90 (6): 2375–2410.
Published: 01 November 2015
... to information asymmetry than the value of equity. In addition, as we explain below, various institutional differences between loans and bonds suggest that loans are less sensitive to public disclosures than bonds. Thus, the two theories we examine jointly imply that the extent to which security offerings...