The Role of Newswires in Screening and Disseminating Value-Relevant Information in Periodic SEC Reports

2011 ◽  
Vol 86 (2) ◽  
pp. 669-701 ◽  
Author(s):  
Edward Xuejun Li ◽  
K. Ramesh ◽  
Min Shen
Keyword(s):  
Capital Market ◽  
Relevant Information ◽  
Equity Capital ◽  
Similar Reaction ◽  
Audit Opinion ◽  
Market Participants ◽  
Major Market ◽  
Using Data ◽  
Key Events

ABSTRACT: We examine the role of newswires in identifying and conveying market-moving information in periodic SEC reports to capital market participants. Using data on Dow Jones Newswires, we find that newswires are more likely to send alerts on firms that do not release preliminary earnings, have credit ratings, are included in major market indices, have litigation exposure, or report losses. Reflective of the market’s focus on certain key events, firms with a nonstandard audit opinion, in the process of delisting, reporting unusual accounting items, or raising equity capital also receive alerts. Moreover, not only do we find significant price and volume reactions to the alerts at the daily level, but also we document immediate intra-day market activity triggered by the alerts, whereas we detect no similar reaction for SEC filings that trigger the alerts. Additional analysis suggests that the intra-day reaction is not driven by noise trading.

Capital Market Consequences of Audit Partner Quality

2015 ◽  
Vol 90 (6) ◽  
pp. 2143-2176 ◽  
Author(s):  
Daniel Aobdia ◽  
Chan-Jane Lin ◽  
Reining Petacchi
Keyword(s):  
Initial Public Offering ◽  
Capital Market ◽  
Positive Association ◽  
Earnings Response Coefficient ◽  
Market Participants ◽  
Debt Contract ◽  
Earnings Response ◽  
Using Data ◽  
The Individual ◽  
Public Offering

ABSTRACT This paper examines whether the identity of the individual audit partners provides informational value to capital market participants beyond the value provided by the identity of the audit firms. Using data from Taiwan, where firms are mandated to disclose the names of the engagement partners, we find a positive association between the partner's quality and the client firm's earnings response coefficient. We also find a positive market reaction when a firm replaces a lower quality partner with a higher quality one. Moreover, we find evidence that firms audited by higher quality partners experience smaller initial public offering (IPO) underpricing and are able to obtain better debt contract terms. Overall, these results suggest that the quality of engagement partners matters to capital market participants.

Narrative Disclosure and Earnings Performance: Evidence from R&D Disclosures

2013 ◽  
Vol 89 (2) ◽  
pp. 725-757 ◽  
Author(s):  
Kenneth J. Merkley
Keyword(s):  
Financial Statements ◽  
Relevant Information ◽  
Data Availability ◽  
Market Participants ◽  
Analyst Behavior ◽  
Disclosure Decisions ◽  
Narrative Disclosure ◽  
Unique Nature ◽  
Earnings Performance

ABSTRACT This paper examines how earnings performance relates to firms' narrative R&D disclosure decisions. The unique nature of R&D investments and financial statements' limited ability to communicate the value of such investments highlight the role of narrative disclosure as a supplement to the financial statements. I predict and find that current earnings performance (adjusted for R&D expense) is negatively related to the quantity of narrative R&D disclosure. Conducting a content analysis of the detail, tone, and readability of narrative R&D disclosures, I find that managers adjust R&D disclosures based on earnings performance to provide relevant information rather than to obfuscate performance. Finally, I provide evidence that market participants find narrative R&D disclosure informative because it significantly affects sell-side analyst behavior, disclosure information content, and information asymmetry. Data Availability: Data are available from sources identified in the text.

scholarly journals Dash for Cash: Monthly Market Impact of Institutional Liquidity Needs

2019 ◽  
Vol 33 (1) ◽  
pp. 75-111 ◽  
Author(s):  
Erkko Etula ◽  
Kalle Rinne ◽  
Matti Suominen ◽  
Lauri Vaittinen
Keyword(s):  
Mutual Funds ◽  
Indirect Evidence ◽  
Equity Capital ◽  
Market Impact ◽  
Limits To Arbitrage ◽  
Market Participants ◽  
Oxford University ◽  
Editorial Decision ◽  
Published Paper

Abstract We present broad-based evidence that the monthly payment cycle induces systematic patterns in liquid markets around the globe. First, we document temporary increases in the costs of debt and equity capital that coincide with key dates associated with month-end cash needs. Second, we present direct and indirect evidence on the role of institutions in the genesis of these patterns and derive estimates of the associated costs borne by market participants. Third, and finally, we investigate the limits to arbitrage that prevent markets from functioning efficiently. Our results indicate that many investors and their agents, including mutual funds, suffer from liquidity-related trading. Received January 16, 2018; editorial decision January 2, 2019 by Editor Robin Greenwood. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

scholarly journals Pengujian Kandungan Informasi Arus Kas Dan Laba Akuntansi Terhadap Return Saham: Studi Pada Perusahaan LQ45

2019 ◽  
Vol 1 (1) ◽  
pp. 51-59
Author(s):  
Samsul Hadi ◽  
Syahril Djaddang ◽  
Suyanto
Keyword(s):  
Stock Returns ◽  
Cash Flow ◽  
Capital Market ◽  
Stock Exchange ◽  
Relevant Information ◽  
Cash Flows ◽  
Market Anomalies ◽  
Accounting Earnings ◽  
Operating Cash Flow ◽  
Using Data

This study aimed to analyze the effect of changes in cash flow from operating activities, cash flows from investing avtivities, cash flow from financing activities and accounting earnings on stock returns in the Indonesian capital market. Research conducted on 15 companies listed in the LQ45 index in the Indonesia Stock Exchange (BEI). Observations were made for 4 years from 2011 to 2014. Data were analyzed using data panel analysis. The results show that operating cash flow and financing cash flow significantly influence stock returns. This means any increase in operating cash flow and in expenditures for financing activities followed by an increase in stock returns. Accounting earnings and cash flows have no significant effect on stock returns, since the accounting information and investment cash flows of the sample companies do not contain relevant information and market anomalies occur due to investor failure to understand accrual information, cash flow, market risk and conservatism.

External Factors of Big Business Transformation in Russia

2005 ◽  
pp. 72-89 ◽  
Author(s):  
Ya. Pappe ◽  
Ya. Galukhina
Keyword(s):  
Financial Market ◽  
Capital Market ◽  
Business Groups ◽  
External Factors ◽  
Big Business ◽  
Business Transformation ◽  
Global Standards ◽  
The World ◽  
Principal Subject

The paper is devoted to the role of the global financial market in the development of Russian big business. It proves that terms and standards posed by this market as well as opportunities it offers determine major changes in Russian big business in the last three years. The article examines why Russian companies go abroad to attract capital and provides data, which indicate the scope of this phenomenon. It stresses the effects of Russian big business’s interaction with the world capital market, including the modification of the principal subject of Russian big business from integrated business groups to companies and the changes in companies’ behavior: they gradually move away from the so-called Russian specifics and adopt global standards.

INOVASI PEMBELAJARAN AKIDAH AKHLAK MENGGUNAKAN METODE ROLE PLAY DALAM MENINGKATKAN PRESTASI BELAJAR SISWA

2018 ◽  
Vol 2 (1) ◽  
pp. 52-63
Author(s):  
Ansori Ansori
Keyword(s):  
Data Reduction ◽  
Role Play ◽  
Learning Goals ◽  
New Paradigm ◽  
Learning Materials ◽  
Analysis Technique ◽  
Flexible Schedule ◽  
Using Data ◽  
Real Action

The use of various methods will greatly help students in achieving learning goals. As role play method is one way mastery of learning materials through the development of imagination and appreciation of students on learning materials. Data collection techniques in this study are observation, interviews, and documentation. To analyze the data in this research using data analysis technique of Miles and Huberman model that is data reduction (Data Reduction), data presentation (Data Display) and conclusion (Conclution Drawing / verification) The findings in this research is innovation of role play method can change paradigm to the new paradigm so that the role of the teacher is more as a facilitator, counselor, consultant, and comrade study Flexible schedule, open as needed Learning directed by students themselves Problem-based, project, real world, real action, and reflection Design and investigation. Computers as tools, and dynamic media presentations.

The role of corporate investment in social responsible practices in the promotion of employees’ organizational citizenship behaviour

2014 ◽  
Author(s):  
Ana Patrícia Duarte ◽  
José Gonçalves das Neves
Keyword(s):  
Job Satisfaction ◽  
Organizational Citizenship ◽  
Economic Uncertainty ◽  
Socially Responsible ◽  
Organizational Survival ◽  
Current Scenario ◽  
Reducing Costs ◽  
Using Data ◽  
Airline Company

In the current scenario of economic uncertainty, where many organizations struggle harder for reducing costs while improving their competitiveness, employees’ organizational citizenship behaviours might have an enhanced importance for organizational survival and success. A model proposing that corporate engagement in internal socially responsible practices enhances employees’ job satisfaction and consequently increases employees’ extra-role behaviours was tested. Using data obtained from a sample of employees from an airline company (n=133), the model was examined and supported. We have therefore concluded that organizations may foster employees’ extra-role behaviours by investing in corporate socially responsible practices that signal corporate concern with employees and promote job satisfaction.

Peranan Ketua Pengurus dan Manajer Dalam Penyusunan dan Penerapan Laporan Keuangan Berbasis SAK ETAP Pada Koperasi di Kota Palembang

2019 ◽  
Vol 14 (2) ◽  
pp. 119
Author(s):  
Riza Syahputera ◽  
Martha Rianty
Keyword(s):  
Data Analysis ◽  
Sampling Technique ◽  
Financial Statements ◽  
Significant Positive Effect ◽  
Analysis Technique ◽  
Regression Test ◽  
Using Data ◽  
The City ◽  
Positive Effect

AbstractThis study aims to determine the effect of the role of the Chairperson and Cooperative Manager in the preparation and application of Financial Statements based on SAK ETAP in cooperatives in the city of Palembang. This research is a quantitative study using data obtained from questionnaires and measured using a Likert scale. The sampling technique used is purposive sampling. The sample used in this study was the Chairperson of the cooperative and the manager of the cooperative in the city of Palembang. The cooperatives studied were 203 cooperatives. The data analysis technique used is multiple linear regression test. The results showed that the role of cooperative leaders and managers had a significant positive effect on the preparation and application of SAK ETAP-based financial statements.Keywords : chairman, manager, SAK ETAP, cooperative

Pulvino-cortical interaction: an integrative role in the control of attention

2019 ◽  
Author(s):  
Alexia Bourgeois ◽  
Carole Guedj ◽  
Emmanuel Carrera ◽  
Patrik Vuilleumier
Keyword(s):  
Executive Control ◽  
Sensory Information ◽  
Relevant Information ◽  
Cortical Circuits ◽  
Attention And Executive Control ◽  
Neural Communication ◽  
Subcortical Regions ◽  
Theoretical Proposal ◽  
Selection Of

Selective attention is a fundamental cognitive function that guides behavior by selecting and prioritizing salient or relevant sensory information of our environment. Despite early evidence and theoretical proposal pointing to an implication of thalamic control in attention, most studies in the past two decades focused on cortical substrates, largely ignoring the contribution of subcortical regions as well as cortico-subcortical interactions. Here, we suggest a key role of the pulvinar in the selection of salient and relevant information via its involvement in priority maps computation. Prioritization may be achieved through a pulvinar- mediated generation of alpha oscillations, which may then modulate neuronal gain in thalamo-cortical circuits. Such mechanism might orchestrate the synchrony of cortico-cortical interaction, by rendering neural communication more effective, precise and selective. We propose that this theoretical framework will support a timely shift from the prevailing cortico- centric view of cognition to a more integrative perspective of thalamic contributions to attention and executive control processes.

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