Disclosure, Enforcement, and Capital Market Properties: A Longitudinal Analysis for Germany

Meser, Michael; Veith, Stefan; Zimmermann, Jochen

doi:10.1007/bf03396876

Cited by 9 publications

(21 citation statements)

References 44 publications

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“…(Brown et al 2014); (Byard et al 2011); (Christensen et al 2013); (Daske et al 2008); (Daske et al 2013); (Frino et al 2013); (Horton et al 2013); long-term studies corroborate most findings (e.g. (Core et al 2015); (Daouk et al 2006); (Dhaliwal et al 2014); (Fu et al 2012); (Meser et al 2015)). However, there is also scattered evidence for a negative association of new disclosure regulations and equity valuation.…”

Section: Introductionsupporting

confidence: 70%

“…The first effect rests on monitoring costs. Disclosures of compensation structure, large shareholdings, inside ownership or transactions with related parties strengthens the position of investors concerning the detection of insider trading, earnings management and excessive compensations ( (Healy & Palepu 2001); (Meser et al 2015)). As a result, investors can better monitor if managers take actions that are congruent with shareholder's interests.…”

Section: Level Of Information About Reporting Quality (Reporting Risk)mentioning

confidence: 99%

“…We investigate a long time horizon between 1991 and 2010 with all relevant mandatory changes for disclosure and enforcement regulation for a cross-country sample. We use the leximetric model of (Meser et al 2015) and extend it to six capital markets. Besides the United States of America (U.S.), these are Canada, France, Germany, Japan and the United Kingdom (UK).…”

Section: Introductionmentioning

confidence: 99%

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Disclosure, Enforcement and the Valuation of Equity

2019

RJFA

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Empirical evidence shows that higher levels of disclosure and enforcement do not consistently translate into higher firm valuations. This observation implies a real-life setting in which a richer information environment can shift investors' risk premiums upwards or downwards. However economic literature does not convincingly explain why adverse effects can occur. To fill this gap in research, we provide a model beyond the standard principal-agent framework that can explain valuation effects from augmented disclosure and enforcement regulation. We also show that country differences in regulatory effectiveness do not align with the legal system, but instead with structural strengths or difficulties of an economy. In a six country setting, investigating Canada, France, Germany, Japan, the UK and the U.S., we systematically capture regulatory changes and document varying valuation effects from mandatory disclosure regulation. Our analysis shows that valuation effects are driven by the share of "bad news" firms, which is higher in economies with structural difficulties. Effects from higher levels of disclosure are thus neither generalizable across economies nor dependent on the legal system as previously hypothesized.

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Section: Introductionsupporting

confidence: 70%

Section: Level Of Information About Reporting Quality (Reporting Risk)mentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Disclosure, Enforcement and the Valuation of Equity

2019

RJFA

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“…They postulate that cooperative banks are able to overcome challenges; however, the consequences of all of the regulations are not addressed. Besides, Meser, Veith, and Zimmermann (2015) conducted a longitudinal study of the effectiveness of regulation, or rather disclosure and enforcement regulation, on the German capital market for the last ten years. Although the authors find regulation to be effective, the cost aspect is still to be studied since it leads to financial consequences and thus the bank's survival.…”

Section: Current State Of Researchmentioning

confidence: 99%

Cooperative banks in need of transition: The influence of Basel III on the business model of German cooperative credit institutions

Jovanović

Arnold

Voigt

2017

Journal of Co-operative Organization and Management

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“…Algumas pesquisas executadas empenharam-se para criar um índice de divulgação corporativa (disclosure) para posteriormente verificar quais fatores esclarecem o nível de disclosure legitimado pelas companhias (ALENCAR, 2005;CHEN;LIAO, 2015;COOKE, 1992;LANZANA, 2004;MESER;VEITH;ZIMMERMANN, 2015;MURCIA;SANTOS, 2009;RIAHI;BEM ARAB, 2011;MAPURUNGA, 2014;SILVA et al, 2009;WALLACE;NASER, 1995;WATSON;SHRIVES;MARSTON, 2002). Nessas pesquisas foram utilizados métodos distintos para constituir a variável de disclosure, bem como para designar as variáveis utilizadas na relação com o índice concebido.…”

Section: Introductionunclassified

FACTORS RELATED TO THE BRAZILIAN COMPANIES’ DISCLOSURE LEVEL WITH OPEN CAPITAL LISTED ON THE BM&FBOVESPA

Souza

Almeida

2017

RUC

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RESUMOO estudo objetiva identificar os fatores relacionados com o nível de disclosure das companhias brasileiras de capital aberto. A literatura disponível aponta diversos fatores possivelmente relacionados com o nível de divulgação das empresas. Os fatores utilizados no estudo foram: tamanho da empresa; internacionalização; alavancagem; controle acionário; rentabilidade dos ativos; empresas auditadas por big four; nível de governança corporativa; setor de atuação; e presença de investidores institucionais. A pesquisa é constituída por 49 empresas existentes na última carteira Ibovespa, com informações alusivas ao ano de 2015. As informações foram extraídas das Demonstrações Financeiras Anuais, Notas Explicativas e Formulários de Referência da CVM. Utilizaram-se 27 informações referentes à divulgação corporativa para a construção de um score disclosure para as companhias, dispondo de informações obrigatórias e voluntárias.

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Disclosure, Enforcement, and Capital Market Properties: A Longitudinal Analysis for Germany

Cited by 9 publications

References 44 publications

Disclosure, Enforcement and the Valuation of Equity

Disclosure, Enforcement and the Valuation of Equity

Cooperative banks in need of transition: The influence of Basel III on the business model of German cooperative credit institutions

FACTORS RELATED TO THE BRAZILIAN COMPANIES’ DISCLOSURE LEVEL WITH OPEN CAPITAL LISTED ON THE BM&FBOVESPA

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