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How Do Investors Respond to Human Capital Disclosures?

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	How Do Investors Respond to Human Capital Disclosures?/
Author:	Brown, Eric.
Description:	1 online resource (49 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 84-11, Section: A.
Contained By:	Dissertations Abstracts International84-11A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9798379551902

How Do Investors Respond to Human Capital Disclosures?
Brown, Eric.

How Do Investors Respond to Human Capital Disclosures? - 1 online resource (49 pages)

Source: Dissertations Abstracts International, Volume: 84-11, Section: A.

Thesis (Ph.D.)--The University of North Carolina at Chapel Hill, 2023.

Includes bibliographical references

Human capital is an important component of many firms' operations, and many firms derive their value largely from the skills and expertise of their employees. Current accounting standards do not allow financial statement recognition of investment in human capital, nor do accounting standards require much information disclosure to aid in investor understanding of firm human capital management. A recent SEC regulation requires firms to disclose more human capital information than what was previously required, although the regulation falls short of mandating explicit disclosure of specific information. I explore and describe the different types of information firms have chosen to disclose in response to this new regulation. I examine the relation between human capital disclosures and stock market cumulative abnormal returns. I also examine the relation between specific topics of human capital information and abnormal returns. Overall, my results indicate that human capital disclosures are informative and are associated with stock market reactions. Longer human capital disclosures are associated with stronger positive market reactions. Certain topics of information (e.g., diversity, training, and compensation) are associated with positive market reactions while other topics (e.g., union relations and executive team information) are associated with negative reactions. Taken together my results suggest the new regulation provided valuable information to the market, but more explicit requirements could yield more informative and comparable human capital disclosures.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798379551902Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

DisclosureIndex Terms--Genre/Form:

554714
Electronic books.

How Do Investors Respond to Human Capital Disclosures?
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500 $a Advisor: Landsman, Wayne.
502 $a Thesis (Ph.D.)--The University of North Carolina at Chapel Hill, 2023.
504 $a Includes bibliographical references
520 $a Human capital is an important component of many firms' operations, and many firms derive their value largely from the skills and expertise of their employees. Current accounting standards do not allow financial statement recognition of investment in human capital, nor do accounting standards require much information disclosure to aid in investor understanding of firm human capital management. A recent SEC regulation requires firms to disclose more human capital information than what was previously required, although the regulation falls short of mandating explicit disclosure of specific information. I explore and describe the different types of information firms have chosen to disclose in response to this new regulation. I examine the relation between human capital disclosures and stock market cumulative abnormal returns. I also examine the relation between specific topics of human capital information and abnormal returns. Overall, my results indicate that human capital disclosures are informative and are associated with stock market reactions. Longer human capital disclosures are associated with stronger positive market reactions. Certain topics of information (e.g., diversity, training, and compensation) are associated with positive market reactions while other topics (e.g., union relations and executive team information) are associated with negative reactions. Taken together my results suggest the new regulation provided valuable information to the market, but more explicit requirements could yield more informative and comparable human capital disclosures.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2024
538 $a Mode of access: World Wide Web
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653 $a Human capital
653 $a Market reaction
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