Papers by SUCCESS NURSING ACADEMY ALIGARH Online
SSRN Electronic Journal, 2010
This study examines the association between U.S. Census industry concentration measures and the i... more This study examines the association between U.S. Census industry concentration measures and the informativeness of corporate disclosure policy. We find that in more concentrated industries firms' management earnings forecasts are less frequent and have shorter horizons, their disclosure ratings by analysts are lower, and they have more opaque information environments, as measured by the properties of analysts' earnings forecasts. Also, when these firms raise funds they prefer private placements, which have minimal SEC-mandated disclosure requirements, over seasoned equity offerings. Overall, our findings suggest that firms in more concentrated industries disclose less and avoid certain financing decisions that have nontrivial disclosure implications, presumably due to proprietary costs of disclosure. * We greatly appreciate the comments of John Core (the editor), an anonymous referee, the discussants, Mark Lang and Edward Sul, as well as the participants at the 2013 Journal of Accounting and Economics Conference. We also gratefully acknowledge the comments of
Journal of Accounting Research, 1994
... WCFO = earnings + adjustments for elements of earnings not affect-ing working capital. ... 3L... more ... WCFO = earnings + adjustments for elements of earnings not affect-ing working capital. ... 3Lang and McNichols [1990], Frankel [1992], and Hanna [1992] report mixed results on the incremental information content of cash flows for firms in financial distress. ...
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Papers by SUCCESS NURSING ACADEMY ALIGARH Online