Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Business
The Disparate Effects Of Non-Reliance Restatements On Retail And Institutional Investor Trading, Jason T. Bangert
The Disparate Effects Of Non-Reliance Restatements On Retail And Institutional Investor Trading, Jason T. Bangert
Doctoral Dissertations
The SEC seeks to mandate disclosures that effectively inform retail investor decision making. To evaluate these efforts, I investigate how retail investors, relative to institutional investors, process non-reliance restatements. I find that both retail and institutional investors revise expectations about firm value and modify investment decisions following these disclosures. However, in contrast to regulator efforts, the results suggest that the costs to process non-reliance restatements are disproportionately high for retail investors. Specifically, individuals tend to disagree regarding the implications of these disclosures for firm value, whereas institutions tend to draw similar inferences. Moreover, individuals take significantly longer than institutions to …
Firm Transparency Of Risk Oversight: An Examination Of Cybersecurity Governance Disclosures, Laurie E. Ereddia
Firm Transparency Of Risk Oversight: An Examination Of Cybersecurity Governance Disclosures, Laurie E. Ereddia
Doctoral Dissertations
In this study, I examine factors associated with firm transparency of board oversight using the setting of cybersecurity risk. The SEC requires that, to the extent cybersecurity risks are material, firms must disclose the nature of the board’s role in overseeing the management of that risk, allowing investors to assess how the board is fulfilling its risk oversight duties. Using textual analysis, I identify 2,921 firms that report material cybersecurity risk factors in their annual reports. From these firms’ 2021 proxy statement filings, I hand collect data relating to 12 different elements of cybersecurity board oversight and create an overall …