Download Corporate Disclosures and Financial Risk Assessment: A by Philipp Kissing PDF

By Philipp Kissing

This book hyperlinks info asymmetries and choice approaches of monetary traders via quantitative versions. the purpose is to investigate empirical observations and synthesize outputs with the intention to upload new educational insights with useful pertinence. Multivariate scoring types and statistical analyses examine events out there point that allows agencies to decrease their capital bills if particular stipulations are met. situation recommendations and additional econometrical versions are utilized to analyze the microeconomic level.

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Extra resources for Corporate Disclosures and Financial Risk Assessment: A Dichotomous Data-Analytical Approach Using Multivariate Scoring Models and Scenario Techniques

Sample text

In the worst case, this would avoid the positive financial effects of voluntary corporate reporting. However, the work of Kasznik (1999) shows the limits of the influence of corporate choices in practice and supports the idea of the positive association between voluntary disclosure and financial effects due to a reduction of information asymmetries. He studied the management’s discretion over accounting choices in the context of voluntary reporting and found evidence that managers use for their predictions reliable methods to reduce and avoid forecasting errors because they fear costly legal actions by shareholders and a loss of credibility.

On the one hand, economic, social and environmental information are evaluated. This collection allows a comprehensive analysis that considers financial and non-financial parameters. On the other hand, this study is not limited on specific corporate areas but takes disclosed information along the whole value-added chain into consideration. The second substudy uses scenario techniques in order to research the decision making processes of financial investors more detailed. As both substudies elaborate insights of the relationship between corporate disclosures and financial investors either on the market or the individual level and their results are combined in the synthesis section of this work, the overall leading research question of this research project is the following: Do corporate disclosures affect the risk assessment of financial investors?

48 The situation between stakeholders and corporations represented by their management is characterized by information asymmetries (Akerlof, 1970). As managers have an interest to maximize their own benefits which are not necessarily in line with the interests of the owners, the so called Principle-Agent dilemma appears (Jensen and Meckling, 1976). Corporate disclosures can be used as a method to reduce these asymmetries. Nevertheless, companies and their management behave rational and strategic in this context.

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