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Topics in financial disclosure.

Sun, Yan.

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Topics in financial disclosure.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Topics in financial disclosure./
作者:	Sun, Yan.
面頁冊數:	98 p.
附註:	Adviser: Richard Frankel.
Contained By:	Dissertation Abstracts International68-09A.
標題:	Business Administration, Accounting. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3282445
ISBN:	9780549249245

Topics in financial disclosure.
Sun, Yan.

Topics in financial disclosure. - 98 p.

Adviser: Richard Frankel.

Thesis (Ph.D.)--Washington University in St. Louis, 2007.

This dissertation focuses on firms' financial disclosure practice, the role of financial disclosure in financial statement analysis, and the impact of disclosure-related regulation on firms' disclosure choice and information environment.

ISBN: 9780549249245Subjects--Topical Terms:

1020666
Business Administration, Accounting.

Topics in financial disclosure.
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520 $a This dissertation focuses on firms' financial disclosure practice, the role of financial disclosure in financial statement analysis, and the impact of disclosure-related regulation on firms' disclosure choice and information environment.
520 $a The first essay investigates whether MD&A disclosures have predictive ability for future firm performance in cases of unusual inventory increases. Among a sample of 568 manufacturing firms with unusual inventory increases, 282 (50%) explain these changes in MD&A. I find that the favorability of the provided explanations is positively associated with a firm's profitability and sales growth in at least the subsequent two years, suggesting that MD&A disclosures on inventory increases are credible. I also find that firms that explain inventory changes do not have significantly higher future profitability than firms that do not, indicating that a firm's disclosure decision is not necessarily associated with its earnings quality or its prospects. Further analyses show that firms with higher sales growth, greater performance variability, and more intense product market competition are less likely to explain unusual inventory increases.
520 $a The second essay investigates the impact of Regulation Fair Disclosure (hereafter Reg FD) by examining its influence on firms relying on selective disclosures in the pre-FD period. I construct a proxy for the extent of a firm's reliance on selective disclosures and identify public disclosers and selective disclosers prior to Reg FD. Because Reg FD affects selective disclosers while confounding events around the passage of Reg FD affect all firms, I compare changes in firm characteristics around Reg FD for these two groups of firms. The differences in their changes indicate Reg FD's effects. I predict and find that Reg FD is associated with reductions in the number of analysts following a firm and informational efficiency of stock prices prior to earnings announcements, and with increases in analysts' forecast error, their forecast dispersion, and the abnormal trading volume at earnings announcements for pre-FD selective disclosers. This study helps better understand and evaluate the impact of Reg FD.
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