The effect of voluntary disclosure on stock liquidity: New evidence from index funds

Schoenfeld, Jordan

doi:10.1016/j.jacceco.2016.10.007

Cited by 165 publications

(90 citation statements)

References 78 publications

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“…In addition, an important feature of 8-K filings is that, although the majority of the items in the 8-K filings are mandatory, the SEC allows substantial managerial discretion in filing decisions for several items. Consequently, recent studies have used 8-Ks as a measure of corporate disclosure (Balakrishnan, Core, and Verdi [2014], Boone and White [2015], Seo [2016], Schoenfeld [2017]).…”

Section: Sample Constructionmentioning

confidence: 99%

“…To further gauge the economic magnitude of the effect of UD laws on the level of corporate disclosure, we compare our estimates with those of other studies looking at plausibly exogenous changes in managers' incentives to voluntarily provide information. For example, Schoenfeld [2017] uses indexing as an unexpected increase in institutional ownership, and he reports that a one standard deviation increase in the index fund leads to a 20% increase in earnings forecasts and 8-K filings. Shroff et al [2013] examine the change in forecasting behavior around seasoned equity offerings following the 2005 securities offering reform.…”

Section: T a B L Ementioning

confidence: 99%

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Shareholder Litigation and Corporate Disclosure: Evidence from Derivative Lawsuits

Bourveau

Lou

Wang

2018

J of Accounting Research

212

109

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Using the staggered adoption of universal demand (UD) laws in the United States, we study the effect of shareholder litigation risk on corporate disclosure. We find that disclosure significantly increases after UD laws make it more difficult to file derivative lawsuits. Specifically, firms issue more earnings forecasts and voluntary 8‐K filings, and increase the length of management discussion and analysis (MD&A) in their 10‐K filings. We further assess the direct and indirect channels through which UD laws affect firms' disclosure policies. We find that the effect of UD laws on corporate disclosure is driven by firms facing relatively higher ex ante derivative litigation risk and higher operating uncertainty, as well as firms for which shareholder litigation is a more important mechanism to discipline managers.

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Section: Sample Constructionmentioning

confidence: 99%

Section: T a B L Ementioning

confidence: 99%

Shareholder Litigation and Corporate Disclosure: Evidence from Derivative Lawsuits

Bourveau

Lou

Wang

2018

J of Accounting Research

212

109

View full text Add to dashboard Cite

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“…2 | THEORETICAL ANALYSIS AND RESEARCH HYPOTHESIS 2.1 | Water information disclosure and the cost of capital Scholars have studied the relationship between information disclosure and capital cost for some time. The research direction on capital cost gradually extends from financial information disclosure to non-financial information disclosure, and from mandatory information disclosure to voluntary information disclosure (Akin & Yilmaz, 2016;Qiu, Shaukat, & Tharyan, 2016;Rodriguez-Fernandez, 2016;Schoenfeld, 2017;Wuttichindanon, 2017;Zhao, Song, & Chen, 2016). Most of the literature asserts that information disclosure can help reduce the cost of capital (Chen & Vashishtha, 2017;Dutta & Nezlobin, 2017;Liu & Zhang, 2017).…”

Section: Introductionmentioning

confidence: 99%

The impact of water information disclosure on the cost of capital: An empirical study of China's capital market

Zhou

Zeng

et al. 2018

Corp Soc Responsibility Env

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This study seeks to understand the underlying relationship between water information disclosure and the cost of capital in Chinese high‐water risk firms. With continuous strengthening of the Chinese Government's water regulation policy, water resources have begun to affect the sustainable development of enterprises. Many stakeholders have begun to pay attention to a series of water resources issues that companies face. As an important means of transmitting signals between enterprises and capital markets, water information disclosure can help enterprises achieve more favourable views of stakeholders. Using a sample of 334 listed companies in the Chinese high‐water sensitivity industry from 2010 to 2015, this paper examines the influence of these firms' water information disclosure on the cost of capital, and analyses the function mechanism of political connection on the relationship between water information disclosure and enterprise capital cost by using a panel regression model.

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“…The extent of voluntary disclosure also improve investor's responses to earnings announcement (Lu, 2018). Other similar studies that examine the benefits of voluntary disclosure are Chung et al (2015); Plumlee et al (2015) and Schoenfeld (2017). Ji et al (2017) analyzed the effect of voluntary disclosure on earnings quality.…”

Section: Introductionmentioning

confidence: 99%

Voluntary Disclosure, Earnings Response Coefficient and Earnings Persistence

Lestari

2020

JRAK

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One of management credibility aspect showed by extent voluntary information disclosed. Management who more credible do more voluntary disclosure. Management use voluntary disclosure as tools to inform good signal happening to all stakeholders, include good earnings quality. This study examine the association of voluntary disclosure to earnings response coefficient (ERC) and earning persistence as earnings quality. Study uses 274 samples of listed firms across different industries in Indonesia, excluding financial industry for the financial period 2015. Ordinary least square (OLS) cross-sectional method is implemented to test the research hypotheses. The results of hypothesis test of the study exhibit a significant negative association between voluntary disclosure to ERC. This study also found no association statistically between voluntary disclosure to earnings persistence. This research conducted for one period, so for future research should to extent year observations. The study also conducted additional testing of disclosures based on disclosure criteria. This test was conducted to determine the type of voluntary disclosure that has a significant influence on the dependent variable of the study, ERC and earnings persistence.Keywords: Earnings Responses Coefficient, Voluntary Disclosure, Earnings Persistence

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The effect of voluntary disclosure on stock liquidity: New evidence from index funds

Cited by 165 publications

References 78 publications

Shareholder Litigation and Corporate Disclosure: Evidence from Derivative Lawsuits

Shareholder Litigation and Corporate Disclosure: Evidence from Derivative Lawsuits

The impact of water information disclosure on the cost of capital: An empirical study of China's capital market

Voluntary Disclosure, Earnings Response Coefficient and Earnings Persistence

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