東華大學圖書館 |

語系: 繁體中文

說明(常見問題)

回圖書館首頁

手機版館藏查詢

登入

回首頁

切換: 標籤 | MARC模式 | ISBD

Informational uniqueness, corporate ...

Chau, Yuen Kit.

FindBook

Google Book

Amazon

博客來

Informational uniqueness, corporate disclosure and information environment.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Informational uniqueness, corporate disclosure and information environment./
作者:	Chau, Yuen Kit.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2016,
面頁冊數:	177 p.
附註:	Source: Dissertation Abstracts International, Volume: 78-04(E), Section: A.
Contained By:	Dissertation Abstracts International78-04A(E).
標題:	Accounting. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10190665
ISBN:	9781369338737

Informational uniqueness, corporate disclosure and information environment.
Chau, Yuen Kit.

Informational uniqueness, corporate disclosure and information environment. - Ann Arbor : ProQuest Dissertations & Theses, 2016 - 177 p.

Source: Dissertation Abstracts International, Volume: 78-04(E), Section: A.

Thesis (Ph.D.)--University of Pennsylvania, 2016.

This dissertation examines how the lack of comparable public peers ("informational uniqueness") is related to a firm's disclosure policy and information environment. Having less information spillover from other public firms may present an information deficiency if it is not compensated by other components of the information environment. Using textual similarity in business description among firms to measure the extent of peer presence, I find that informational uniqueness is associated with a higher propensity by firms to provide ongoing bundled guidance. This is consistent with firms attempting to mitigate the information deficiency through strengthening their tacit commitment to continued disclosure by providing more information regularly on predictable schedules. Overall, I find a strong negative relationship between informational uniqueness and the quality of corporate information environment only among firms without regular bundled guidance. My results suggest that, while informational uniqueness can generate significant information deficiency, firms with strong tacit commitment to ongoing disclosure are largely able to compensate for the lack of information spillover from peers. On the flip side, firms surrounded by many peers may be subject to the influence of peer dynamics on their disclosure behavior. While the presence of comparable public peers likely expands investors' information endowment on the base firm through information spillover on related exposures, discretionary disclosures by peer firms may also signal information arrival. This can raise investors' inferred probability that non-disclosure is due to strategic information withholding rather than the absence of new information. In relation to this, I show that the bid-ask spread of the base firm slightly increases when its closest peer initiates discretionary disclosures, but subsequently decreases upon disclosure by the base firm. In addition, I find that the number of comparable public peers is strongly positively associated with the frequency of discretionary disclosure. Overall, these results suggest that the presence of peer dynamics can induce firms with more peers to provide discretionary disclosures more frequently.

ISBN: 9781369338737Subjects--Topical Terms:

557516
Accounting.

Informational uniqueness, corporate disclosure and information environment.
LDR:03198nmm a2200313 4500 001 2120633
005 20170724080049.5
008 180830s2016 ||||||||||||||||| ||eng d
020 $a 9781369338737
035 $a (MiAaPQ)AAI10190665
035 $a AAI10190665
040 $a MiAaPQ $c MiAaPQ
100 1 $a Chau, Yuen Kit. $3 3282576
245 1 0 $a Informational uniqueness, corporate disclosure and information environment.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2016
300 $a 177 p.
500 $a Source: Dissertation Abstracts International, Volume: 78-04(E), Section: A.
500 $a Advisers: Brian Bushee; Luzi Hail.
502 $a Thesis (Ph.D.)--University of Pennsylvania, 2016.
520 $a This dissertation examines how the lack of comparable public peers ("informational uniqueness") is related to a firm's disclosure policy and information environment. Having less information spillover from other public firms may present an information deficiency if it is not compensated by other components of the information environment. Using textual similarity in business description among firms to measure the extent of peer presence, I find that informational uniqueness is associated with a higher propensity by firms to provide ongoing bundled guidance. This is consistent with firms attempting to mitigate the information deficiency through strengthening their tacit commitment to continued disclosure by providing more information regularly on predictable schedules. Overall, I find a strong negative relationship between informational uniqueness and the quality of corporate information environment only among firms without regular bundled guidance. My results suggest that, while informational uniqueness can generate significant information deficiency, firms with strong tacit commitment to ongoing disclosure are largely able to compensate for the lack of information spillover from peers. On the flip side, firms surrounded by many peers may be subject to the influence of peer dynamics on their disclosure behavior. While the presence of comparable public peers likely expands investors' information endowment on the base firm through information spillover on related exposures, discretionary disclosures by peer firms may also signal information arrival. This can raise investors' inferred probability that non-disclosure is due to strategic information withholding rather than the absence of new information. In relation to this, I show that the bid-ask spread of the base firm slightly increases when its closest peer initiates discretionary disclosures, but subsequently decreases upon disclosure by the base firm. In addition, I find that the number of comparable public peers is strongly positively associated with the frequency of discretionary disclosure. Overall, these results suggest that the presence of peer dynamics can induce firms with more peers to provide discretionary disclosures more frequently.
590 $a School code: 0175.
650 4 $a Accounting. $3 557516
650 4 $a Finance. $3 542899
650 4 $a Commerce-Business. $3 3168423
650 4 $a Information science. $3 554358
690 $a 0272
690 $a 0508
690 $a 0505
690 $a 0723
710 2 $a University of Pennsylvania. $b Accounting. $3 2101306
773 0 $t Dissertation Abstracts International $g 78-04A(E).
790 $a 0175
791 $a Ph.D.
792 $a 2016
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10190665