scholarly journals Noncompliance with SEC regulations: evidence from timely loan disclosures

2021 ◽  
Author(s):  
Judson Caskey ◽  
Kanyuan Huang ◽  
Daniel Saavedra
Keyword(s):  
Interest Rates ◽  
Stock Prices ◽  
Investor Attention ◽  
Equity Analysts ◽  
Disclosure Rules ◽  
Asset Acquisition ◽  
Definition Of ◽  
Shed Light

AbstractWe use required 8-K filings around major borrowings to shed light on firms’ choices of whether to comply with SEC disclosure rules. Exploiting within-firm variation, we find that firms are more likely to hide loans with high spreads and tight financial covenants. We further find that firms appear to exploit the ambiguity of the definition of materiality, as they are more likely to selectively disclose (hide) “immaterial” loans when interest rates are low (high). Firms are less likely to hide loans when investors anticipate borrowing during asset acquisition, when firms are followed by more equity analysts or receive more investor attention, and when the firms’ stock prices are more volatile. Lastly, we provide evidence that the SEC does not rigorously enforce compliance with 8-K loan disclosures.

scholarly journals IDENTIFYING THE BOTTOM LINE AFTER A STOCK MARKET CRASH

2000 ◽  
Vol 11 (01) ◽  
pp. 91-100 ◽  
Author(s):  
B. M. ROEHNER
Keyword(s):  
Interest Rates ◽  
Stock Prices ◽  
The United States ◽  
Operational Definition ◽  
Bottom Line ◽  
Strong Negative Correlation ◽  
Economic Agents ◽  
Interest Rate Spread ◽  
The Interest Rate ◽  
Definition Of

In this empirical paper we show that in the months following a crash there is a distinct connection between the fall of stock prices and the increase in the range of interest rates for a sample of bonds. This variable, which is often referred to as the interest rate spread variable, can be considered as a statistical measure for the disparity in lenders' opinions about the future; in other words, it provides an operational definition of the uncertainty faced by economic agents. The observation that there is a strong negative correlation between stock prices and the spread variable relies on the examination of eight major crashes in the United States between 1857 and 1987. That relationship which has remained valid for one and a half century in spite of important changes in the organization of financial markets can be of interest in the perspective of Monte Carlo simulations of stock markets.

Factors Associated with the Early Adoption of the SEC's Revised Auditor Fee Disclosure Rules

2006 ◽  
Vol 25 (2) ◽  
pp. 41-51 ◽  
Author(s):  
Sharad Asthana ◽  
Jayanthi Krishnan
Keyword(s):  
Audit Fees ◽  
Auditor Independence ◽  
Securities And Exchange Commission ◽  
Factors Associated ◽  
Disclosure Requirements ◽  
Early Adoption ◽  
Disclosure Rules ◽  
Definition Of ◽  
Auditor Fees ◽  
Considerable Concern

Corporate disclosures of auditor fees (beginning in February 2001) caused considerable concern among regulators and investors about auditor independence because they revealed that nonaudit fees were a substantial proportion of total auditor fees. However, in 2003 the Securities and Exchange Commission (SEC) introduced revised disclosure requirements, specifying a broader definition of audit fees, and additional fee categories (SEC 2003). About 31 percent of our sample firms adopted the new rules in advance of the required date. We investigate the pattern of early adoption of the new fee disclosure rules by companies. Our results indicate that companies with greater nonaudit fee ratios during the prior year, companies that could show a greater decline in nonaudit fee ratios due to reclassification under SEC (2003), and companies that had greater audit-related fees after the reclassification were likely to adopt the new rules early. We conjecture that companies that had the most to gain from reclassifying fees—possibly by reducing negative investor perceptions about nonaudit services—adopted the new rules earlier than required.

scholarly journals The Effect of FOMC Votes on Financial Markets

2019 ◽  
Vol 101 (5) ◽  
pp. 921-932
Author(s):  
Carlos Madeira ◽  
João Madeira
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Financial Markets ◽  
Interest Rates ◽  
Stock Prices ◽  
Open Market ◽  
Federal Open Market Committee ◽  
2008 Financial Crisis ◽  
Treasury Securities ◽  
Stock Market Reaction

This paper shows that since votes of members of the Federal Open Market Committee have been included in press statements, stock prices increase after the announcement when votes are unanimous but fall when dissent (which typically is due to preference for higher interest rates) occurs. This pattern started prior to the 2007–2008 financial crisis. The differences in stock market reaction between unanimity and dissent remain, even controlling for the stance of monetary policy and consecutive dissent. Statement semantics also do not seem to explain the documented effect. We find no differences between unanimity and dissent with respect to impact on market risk and Treasury securities.

scholarly journals The classification, definition, and ontology of delusion

2016 ◽  
Vol 19 (1) ◽  
pp. 167-181
Author(s):  
José Eduardo Porcher
Keyword(s):  
Ontological Status ◽  
Comprehensive Understanding ◽  
To Come ◽  
Definition Of ◽  
Shed Light

Although delusion is one of the central concepts of psychopathology, it stills eludes precise conceptualization. In this paper, I present certain basic issues concerning the classification and definition of delusion, as well as its ontological status. By examining these issues, I aim to shed light on the ambiguity of the clinical term ‘delusion’ and its extension, as well as provide clues as to why philosophers are increasingly joining the ranks of psychiatrists, psychologists, and neuroscientists in the effort to come to a comprehensive understanding of delusion.

One step up and two steps back? The Italian debate on secularization, heteronormativity and LGBTQ citizenship

2018 ◽  
Vol 65 (5) ◽  
pp. 591-607 ◽  
Author(s):  
Elisa Bellè ◽  
Caterina Peroni ◽  
Elisa Rapetti
Keyword(s):  
Critical Discourse Analysis ◽  
Political Conflict ◽  
Interesting Case ◽  
Critical Discourse ◽  
Political Events ◽  
The Family ◽  
One Step ◽  
Definition Of ◽  
Shed Light

The aim of this article is to furnish insights of the Italian public debate on the recognition of LGBTQ rights, which can be understood as an interesting case study of the complex relationship between (multi)secularisation processes and re/definition of citizenship models. More specifically, the article analyses two political events related to this debate that took place in Rome in June 2015. The first is the Family Day demonstration, promoted by conservative Catholic groups; the second is the LGBTQ Pride parade, promoted by various gay, lesbian and transsexual/gender associations. We analyse the official statements issued by the two organising committees of the demonstrations, adopting the framework and methods of the Critical Discourse Analysis. Above and beyond an evident political conflict between the two discourses, we try to shed light on their mutual construction on the basis of what we call ‘naturalization’ and ‘universalization’ processes.

scholarly journals Spillovers of US Conventional and Unconventional Monetary Policies to Russian Financial Markets

2018 ◽  
Vol 10 (2) ◽  
pp. 14 ◽  
Author(s):  
Shigeki Ono
Keyword(s):  
Monetary Policy ◽  
Financial Markets ◽  
Interest Rates ◽  
Stock Prices ◽  
Monetary Policy Shocks ◽  
Federal Funds Rate ◽  
Monetary Policies ◽  
Endogenous Variables ◽  
Policy Shocks ◽  
Monetary Policy Shock

This paper investigates the spillovers of US conventional and unconventional monetary policies to Russian financial markets using VAR-X models. Impulse responses to an exogenous Federal Funds rate shock are assessed for all the endogenous variables. The empirical results show that both conventional and unconventional tightening monetary policy shocks decrease stock prices whereas an easing monetary policy shock does not increase stock prices. Moreover, the results suggest that an unconventional tightening monetary policy shock increases Russian interest rates and decreases oil prices, implying reduced liquidity in international financial markets.

scholarly journals Pengaruh Tingkat Suku Bunga, Inflasi Dan Nilai Kurs Terhadap Harga Saham Perusahaan Perhotelan Yang Terdaftar Di Bursa Efek Indonesia Per Triwulannya Periode 2016-2018

2021 ◽  
Vol 4 (2) ◽  
pp. 871-877
Author(s):  
Rahmat Dewa Bagas Nugraha ◽  
H.M Nursito
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Exchange Rates ◽  
Interest Rates ◽  
Quantitative Study ◽  
Stock Prices ◽  
Stock Exchange ◽  
Secondary Data ◽  
Ratio Analysis ◽  
The Interest Rate

This study aims to determine and analyze the factors that affect stock prices through appropriate ratio analysis. As for the ratio of interest rates, inflation and exchange rates. Researchers want to know and analyze the effect partially or simultaneously between interest rates, inflation, and exchange rates on stock prices. This research is a quantitative study using secondary data. The object of this research is hotel companies listed on the Indonesia Stock Exchange for the period 2016-2018. The sample used in this study were 3 hotel with certain characteristics. The results of research simultaneously using the F test show that there is no influence between interest rates, inflation and exchange rates on stock prices because the calculated value is smaller than the table. Partially with the t test it can be concluded that there is no influence between interest rates on stock prices because the tcount value in the interest rate variable is smaller than the t table. Likewise, the t calculation of inflation and the exchange rate is smaller than the t table, so that there is no partial effect of the two variables on stock prices. Keywords: Stock Prices, Interest Rates, Inflation and Exchange Rates

scholarly journals PENGARUH KONDISI FUNDAMENTAL, INFLASI, DAN SUKU BUNGA SERTIFIKAT BANK INDONESIA TERHADAP HARGA SAHAM (Study Kasus pada Perusahaan Real Estate dan Property yang terdaftar di Bursa Efek Indonesia tahun 2010-2013)

2016 ◽  
Vol 4 (2) ◽  
Author(s):  
Dewi Kusuma Wardani ◽  
Devita Fajar Tri Andarini
Keyword(s):  
Real Estate ◽  
Interest Rates ◽  
Stock Prices ◽  
Secondary Data ◽  
Construction Companies ◽  
Equity Ratio ◽  
Regression Techniques ◽  
Independent Variable ◽  
Turn Over ◽  
Positive Effect

This research is motivated by the results of researches differences which have been done by other researchers. Moreover, it is also because construction companies in the sector of Real Estate and Property which develops a lots. The developing influences the stock prices in the sector of Real Estate and Property in Indonesia. This study aimed to examine the effect of the fundamental conditions, inflation, and SBI interest rates on the stock prices. This research is done in Pojok Bursa Efek Indonesia. the fundamental factors which are used in this research is Current Ratio, Return on Asset, Debt Equity Ratio, and Total Asset Turn Over. The data which are used are the secondary data which are taken from IDX with 180 populations, and 132 data are treated. The sampling method in this research is purposive sampling. The data technique analysis in this research uses multiple linear regression techniques. The regression test results show that the influence of fundamentals, inflation, and SBI interest rates partially positive effect on stock prices. The third influence of independent variable on the dependent variable is just 10.5%. It is necessary for the addition of variables in future researches. Keyword: fundamental conditions, inflation, SBI interest rates, and stock prices

scholarly journals Sustainability as “Value of Cooperatives”—Can (Wine) Cooperatives Use Sustainability as a Driver for a Brand Concept?

2021 ◽  
Vol 13 (22) ◽  
pp. 12344
Author(s):  
Barbara Richter ◽  
Jon H. Hanf
Keyword(s):  
Management Practices ◽  
Brand Management ◽  
Agricultural Cooperatives ◽  
The European Union ◽  
Differentiation Strategy ◽  
A Value ◽  
Brand Concept ◽  
The One ◽  
Definition Of ◽  
Shed Light

Similar to the number of agricultural cooperatives in the European Union, the number of German wine cooperatives is decreasing. The main purpose of the wine cooperatives is to support the member businesses with the highest possible payouts for their grapes. Wine cooperatives can fulfil this purpose by implementing a differentiation strategy. On the one hand, brands can be used for differentiation. On the other hand, cooperatives can use particular values in the communication with customers that correspond to the target group’s values. Based on the definition of the International Co-operative Alliance, cooperatives are a sustainable form of enterprise. Therefore, the question arises whether it is possible to use sustainability as a value that corresponds to cooperatives as a form of enterprise as well as to a strong societal value that gains importance. Which role does social capital play in the context of social sustainability? The aim of this paper is to shed light on the understanding of brands, to show which cooperative-specific characteristics might pose a challenge to cooperatives in terms of brand management and to examine the understanding of the sustainability construct as well as sustainable management practices applied by wine cooperatives to date. Two exploratory, qualitative studies have been conducted.

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