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Essays on Disclosure in the Presence of Hard and Soft Information.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Essays on Disclosure in the Presence of Hard and Soft Information./
Author:	Cianciaruso, Davide.
Description:	1 online resource (133 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 78-10(E), Section: A.
Contained By:	Dissertation Abstracts International78-10A(E).
Subject:	Accounting. -
Online resource:	click for full text (PQDT)
ISBN:	9781369818086

Essays on Disclosure in the Presence of Hard and Soft Information.
Cianciaruso, Davide.

Essays on Disclosure in the Presence of Hard and Soft Information. - 1 online resource (133 pages)

Source: Dissertation Abstracts International, Volume: 78-10(E), Section: A.

Thesis (Ph.D.)--Northwestern University, 2017.

Includes bibliographical references

This dissertation studies the properties of corporate disclosures and real decisions when firms have both hard and soft information. Firms typically have more than one dimension of private information. While firms may be able to disclose credibly some of these dimensions (hard information), credible disclosure of others -- such as intellectual property and brand names -- may not be an option (soft information). The general theme underlying this dissertation is how firms manage their disclosures to the public when only a subset of their private information can be revealed credibly.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9781369818086Subjects--Topical Terms:

561166
Accounting.
Index Terms--Genre/Form:

554714
Electronic books.

Essays on Disclosure in the Presence of Hard and Soft Information.
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100 1 $a Cianciaruso, Davide. $3 1192780
245 1 0 $a Essays on Disclosure in the Presence of Hard and Soft Information.
264 0 $c 2017
300 $a 1 online resource (133 pages)
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500 $a Source: Dissertation Abstracts International, Volume: 78-10(E), Section: A.
500 $a Advisers: Ronald Dye; Swaminathan Sridharan.
502 $a Thesis (Ph.D.)--Northwestern University, 2017.
504 $a Includes bibliographical references
520 $a This dissertation studies the properties of corporate disclosures and real decisions when firms have both hard and soft information. Firms typically have more than one dimension of private information. While firms may be able to disclose credibly some of these dimensions (hard information), credible disclosure of others -- such as intellectual property and brand names -- may not be an option (soft information). The general theme underlying this dissertation is how firms manage their disclosures to the public when only a subset of their private information can be revealed credibly.
520 $a The first chapter considers mandatory disclosure of past information. Empirical evidence documents that managers exploit reporting discretion to convey incremental information. When the manager makes both disclosure and investment choices, and is privately informed about both current earnings (hard information) and future investment profitability (soft information), I show that the equilibrium reporting bias is a function of the latter. By managing earnings and distorting investment, the manager credibly signals soft information. The extent of earnings management determines the amount of soft information revealed by earnings, thereby affecting the residual signaling distortion borne by investment. I find that changes in misreporting costs and in the precision of accounting information may have, through their impact on earnings management, non-monotonic effects on investment efficiency. Further, greater managerial myopia may actually be associated with better long-term performance. I also provide testable predictions regarding the effect of observable firm's characteristics on the earnings response coefficient and the amount of reporting bias.
520 $a The second chapter analyzes discretionary disclosure by two firms in the context of multi-product market competition. Firms that compete in existing markets can potentially form a research and development (R&D) alliance to develop a new product. In equilibrium, a firm's disclosure or non-disclosure of verifiable cost information implicitly conveys soft information about its R&D capability. I predict that a firm's announcement of an alliance triggers a positive (negative) price reaction, if the firm previously disclosed favorable (adverse) news about the existing line of business. I also predict the probability of a firm entering an alliance, the size of its contribution, and the success probability of joint R&D as a function of the partners' disclosure history.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Accounting. $3 561166
655 7 $a Electronic books. $2 local $3 554714
690 $a 0272
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Northwestern University. $b Accounting Information and Management. $3 1181035
773 0 $t Dissertation Abstracts International $g 78-10A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10272328 $z click for full text (PQDT)