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Passive Institutional Ownership, Firm Disclosure, And Post-Earnings Announcement Drift, Jingxin Hu
Passive Institutional Ownership, Firm Disclosure, And Post-Earnings Announcement Drift, Jingxin Hu
Dissertations - ALL
This dissertation consists of four chapters. Chapter one is the introduction. Chapter two examines the impact of passive institutional ownership on firm disclosure. Passive institutional investors favor more information to minimize monitoring and trading costs. However, passive institutions' diverse holdings make it costly to collect individual firms' private information, so they demand more public information. Managers are likely to supply more firm material information because passive institutions can exert influence by using their sizeable ownership stake. More firm disclosure is related to a better firm information environment and higher stock liquidity. To test the hypothesis, I choose the S&P 500 …
A More Efficient And Effective Objective Measure Of Financial Disclosure Quality: Omissions Of Seven Key Financial Statement Variables, Ying Zhang
Dissertations - ALL
This dissertation research includes three Chapters. Chapter One proposes a new and simple measure of financial reporting quality. Chapter Two and Chapter Three apply this new measure to examine the association between financial reporting quality and firms' internal governance issues, such as internal control quality and a possible outcome of internal control weakness (ICW), financial restatements.In Chapter One of the thesis, I propose a parsimonious, theory-based and empirically-supported measure of missing variables, REPORT. Chen et al. (2015) proposes a measure of disclosure quality, DQ, based on missing financial statement variables. DQ includes hundreds of items and is complex to program. …