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- catalog abstract ""The objective of this paper is to investigate the effect of firms' information disclosure strategy on firm value. Existing literature has aruged that a firm's disclosure policy can affect firm value. For example, Healy and Palepu (1993) and Lev (1992) argue that management that build a reputation for reliable and timely financial disclosure will reduce information asymmetry problems. This in turn facilitates the firm's ability to issue new capital. In this paper, instead of examining firms that have built reputations for reliable financial disclosures, we examine the converse set of firms. We investigate firms that adopt aggressive financial reporting policies aimed at delaying or hiding bad news concerning their economic circumstances. We investigate two aspects of these firms' choice of disclosure strategy. First, we investigate why the management of these firms choose this strategy and second, we investigate the costs these firms face after they are discovered to have provided unreliable or untimely financial disclosures."--P. 1.".
- catalog contributor b8252276.
- catalog contributor b8252277.
- catalog contributor b8252278.
- catalog created "[1994], c1993.".
- catalog date "1994".
- catalog date "[1994], c1993.".
- catalog dateCopyrighted "[1994], c1993.".
- catalog description ""The objective of this paper is to investigate the effect of firms' information disclosure strategy on firm value. Existing literature has aruged that a firm's disclosure policy can affect firm value. For example, Healy and Palepu (1993) and Lev (1992) argue that management that build a reputation for reliable and timely financial disclosure will reduce information asymmetry problems. This in turn facilitates the firm's ability to issue new capital. In this paper, instead of examining firms that have built reputations for reliable financial disclosures, we examine the converse set of firms. We investigate firms that adopt aggressive financial reporting policies aimed at delaying or hiding bad news concerning their economic circumstances. We investigate two aspects of these firms' choice of disclosure strategy. First, we investigate why the management of these firms choose this strategy and second, we investigate the costs these firms face after they are discovered to have provided unreliable or untimely financial disclosures."--P. 1.".
- catalog description "Includes bibliographical references (p. 19-20).".
- catalog extent "31 p. :".
- catalog isPartOf "Working paper (Harvard University. Graduate School of Business Administration. Division of Research) ; HBS 94-012.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 94-012".
- catalog issued "1994".
- catalog issued "[1994], c1993.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog subject "Corporations Valuation.".
- catalog subject "Disclosure in accounting.".
- catalog subject "Financial statements.".
- catalog title "The causes and consequences of aggressive financial reporting policies / by Patricia M. Dechow, Richard G. Sloan, and Amy P. Sweeney.".
- catalog type "text".