Essays on capital markets and corporate disclosure
Abstract/Contents
- Abstract
- This thesis studies how a firm's disclosure decisions are affected by the interaction between prevailing financial reporting regulation and managerial incentives. Chapter 1 summarizes studies related to this thesis. I focus on rules that require a firm to issue regular financial statements. As a result, the release of some information about a firm's performance and financial condition is inevitable. However, since financial statements do not fully reflect all value-relevant information, a firm's manager can still affect the interpretation of this information via voluntary disclosure. In Chapter 2, I study how reputational concerns of a firm's manager affect her voluntary disclosure decisions. I show that interpretation of both the firm's report and voluntarily disclosed information depend on the timing of the disclosure relative to disclosures made by other firms in the same industry. In Chapter 3, I consider the case when private information of the firm's manager cannot be credibly communicated to outside investors and a mandatory financial report is the only available information channel about firm value. As a result, the noisiness of a financial report will lead investors to overvalue some firms and undervalue others. I show that allowing for misreporting can increase social welfare if a firm must rely on external capital in order to finance its investment opportunities. Overall, my results emphasize the importance of taking into account strategic disclosure decisions of managers for regulators, investors, and analysts.
Description
| Type of resource | text |
|---|---|
| Form | electronic; electronic resource; remote |
| Extent | 1 online resource. |
| Publication date | 2016 |
| Issuance | monographic |
| Language | English |
Creators/Contributors
| Associated with | Borilo, Danil A |
|---|---|
| Associated with | Stanford University, Graduate School of Business. |
| Primary advisor | Beyer, Anne |
| Primary advisor | Marinovic, Iván |
| Thesis advisor | Beyer, Anne |
| Thesis advisor | Marinovic, Iván |
| Thesis advisor | Reichelstein, Stefan, 1957- |
| Advisor | Reichelstein, Stefan, 1957- |
Subjects
| Genre | Theses |
|---|
Bibliographic information
| Statement of responsibility | Danil A. Borilo. |
|---|---|
| Note | Submitted to the Graduate School of Business. |
| Thesis | Thesis (Ph.D.)--Stanford University, 2016. |
| Location | electronic resource |
Access conditions
- Copyright
- © 2016 by Danil Anatolyevich Borilo
- License
- This work is licensed under a Creative Commons Attribution Non Commercial 3.0 Unported license (CC BY-NC).
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