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Uncertainty, cost of capital and financial disclosure: A review of the theory and some evidence
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: M Negash --- University of the Witwatersrand,This paper contains a critical review of the uncertainty research, and reports on the relationship between corporate disclosure and the adverse selection component of the buy-sell (bid-ask) spread of stock prices. Order processing and holding costs will be decoupled from... -
Uncertainty, cost of capital and financial disclosure: A review of the theory and some evidence
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: M Negash --- University of the Witwatersrand,This paper contains a critical review of the uncertainty research, and reports on the relationship between corporate disclosure and the adverse selection component of the buy-sell (bid-ask) spread of stock prices. Order processing and holding costs will be decoupled from... -
CEO's use of financial and non-financial performance measures: Manufacturing companies in Mauritius and Australia compared
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: DW Taylor --- School of Accounting, Curtin University of Technology, Australia T Soobaroyen --- School of Management, University of Mauritius, C Ah-Hen --- School of Management, University of Mauritius,It is contended in a body of management accounting literature that financial performance measures are being rendered less relevant than non-financial measures in the management of companies. Such a management trend towards non-financial performance measures is particularly applicable to manufacturing... -
Does institutional monitoring matter? Evidence from insider trading by information risk level
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Chune Young Chung --- School of Business Administration, Republic of Korea Sanggyu Kang --- School of Business Administration, Republic of Korea Doojin Ryu --- Department of Economics, Republic of KoreaWe examine the effects of institutional ownership on insider exploitation of asymmetric information. Because institutional investors monitor firm activities in order to improve the corporate information environment, such monitoring could decrease the intensity of insider trading on private information. We... -
Minimum corporate website disclosure levels and information asymmetry: Evidence from Johannesburg Stock Exchange small-cap companies
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: George Nel --- School of Accountancy, Stellenbosch University, South Africa Roelof Baard --- School of Accountancy, Stellenbosch University, South AfricaThe use of corporate websites as communication medium may contribute to good governance and specifically transparency as one of the basic principles of governance, mitigating the effect of the agency problem. The primary objective of this study was to ascertain... -
Measuring the asymmetry level around quarterly reports in the Dow Jones, Nasdaq, and Standard & Poor’s: Before and during the COVID-19 pandemic
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Jaime González Maiz Jiménez --- , Mexico Adán Reyes Santiago --- , Mexico Francisco López-Herrera --- , MexicoThis study tests investors’ asymmetry level around the quarterly reports of 47 shares from 2010 to the second quarter of 2020. This asymmetry level was determined by analysing three measures: the Corwin and Schultz’s (2012) spread level, residual sum of... -
Structure, growth and growing space efficiency of Pinus radiata (D. Don) trees as affected by their social position
Item type: Journal Article • Journal: Southern Forests: a Journal of Forest Science • Authors: Hans Pretzsch --- , Germany Andreas Rais --- , Germany Deon Malherbe --- , South Africa Antonio Ruano --- , Spain Hugo Lambrechts --- , The Netherlands Enno Uhl --- , Germany Ben du Toit --- , South AfricaCurrently, silvicultural prescriptions such as thinning monospecific stands from above and transitioning from monospecific to mixed-species stands are scrutinised regarding their ability to reduce stress and damage. That the quantity and quality of the trees harvested by intermediate and final... -
The asymmetric relationship between volatility index and volatility-of-volatility index
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Adian McFarlane --- , Ontario Canada Anupam Das --- , Canada Young Cheol Jung --- , CanadaWe use the nonlinear autoregressive distributed lag model to assess the asymmetric relationship between the Chicago Board Options Exchange’s volatility index (VIX) and volatility-of-volatility index (VVIX) over the period January 2007 to March 2020. To control for potentially confounding factors,... -
The information content of bond rating changes and insider trading in Korea
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Heejin Yang --- , Korea Doowon Ryu --- , KoreaThis study examines differences in insider groups’ trading behaviours based on their characteristics. We use data on high-frequency insider trading and Korean bond rating change announcements. We find that insiders actively exploit their information advantage, and their transaction behaviour differs... -
Digital transformation and goodwill impairment
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Yan Zhao --- Beijing Wuzi University, China Honglin Liu --- Wuhan Textile University, China Libin Zhao --- Wuhan Textile University, China Wei Zhang --- Wuhan Textile University, ChinaWe utilise a sample M&A listed on the Chinese A-shares market between 2008 and 2021. Our focus is specifically on A-share listed companies that acted as acquiring firms. We conduct an empirical analysis to investigate how their digital transformation influences... -
Financial analysts’ information role on brand capital
Item type: Journal Article • Journal: Investment Analysts Journal • Authors: Yifei Chen --- Southwestern University of Finance and Economics, China Dan Palmon --- , USA Li Zhang --- , USASelf-created intangible assets are crucial in firm valuations but are difficult for investors to evaluate because they are not recognised in financial statements. This study examines whether sell-side financial analysts contribute to the market’s understanding of the value of brand...