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  1. Management deception, big-bath accounting, and information asymmetry
    evidence from linguistic analysis
    Autor*in: Hope, Ole-Kristian; Wang, Jingjing
    Erschienen: [2018]
    Verlag:  [University of Toronto - Rotman School of Management], [Toronto]

    Accounting big baths are pervasive in practice. While big baths can improve the information environment and reduce information asymmetry, they can also degrade the information environment and obscure operating performance. In this study, we examine... mehr

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    Accounting big baths are pervasive in practice. While big baths can improve the information environment and reduce information asymmetry, they can also degrade the information environment and obscure operating performance. In this study, we examine the role of management ethics. Specifically, we investigate whether managers' truthfulness (or conversely, deceptiveness) affects how investors perceive big baths. Using linguistic analysis on earnings-conference calls to measure managerial deception and employing a difference-in-differences research design with propensity-score matching, we find that information asymmetry is significantly higher following big baths taken by deceptive CEOs, compared with big baths taken by less deceptive CEOs

     
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    Schriftenreihe: Rotman School of Management working paper ; no. 3159372
    Umfang: 1 Online-Ressource (circa 64 Seiten)
  2. Analyst teams
    Autor*in: Fang, Bingxu; Hope, Ole-Kristian
    Erschienen: [2019]
    Verlag:  [University of Toronto - Rotman School of Management], [Toronto]

    This paper examines the impact of teamwork on sell-side analysts' performance. Using a hand-collected sample of over 50,000 analyst research reports, we find that analyst teams issue more than 70% of annual earnings forecasts. In contrast, most prior... mehr

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    This paper examines the impact of teamwork on sell-side analysts' performance. Using a hand-collected sample of over 50,000 analyst research reports, we find that analyst teams issue more than 70% of annual earnings forecasts. In contrast, most prior research implicitly assumes that forecasts are issued by individual analysts. We document that analyst teams generate more accurate earnings forecasts than individual analysts and that the stock market reacts more strongly to forecast revisions issued by teams. Analyst teams also cover more firms, issue earnings forecasts more frequently, and issue less stale forecasts. Analysts working in teams are more likely to be voted as All-Star analysts in the future. Among analyst teams, we show that team size and team member ability are significantly associated with forecast accuracy. Moreover, using detailed analyst background information from LinkedIn, we find that forecast accuracy is positively associated with team diversity based on sell-side experience, educational background, and gender. Additional analyses suggest that analyst teams, especially more diversified ones, are more likely to issue cash-flow forecasts and use discounted cash-flow valuation models in their reports. These findings suggest that teamwork and team diversity play a crucial role in understanding sell-side analysts' performance

     
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    Schriftenreihe: Rotman School of Management working paper ; no. 3187324
    Umfang: 1 Online-Ressource (circa 66 Seiten)
  3. The effects of MiFID II on sell-side analysts, buy-side analysts, and firms
    Autor*in: Fang, Bingxu; Hope, Ole-Kristian; Huang, Zhongwei; Moldovan, Rucsandra
    Erschienen: [2019]
    Verlag:  [University of Toronto - Rotman School of Management], [Toronto]

    This paper provides early but broad empirical evidence on a major new investor protection regulation in Europe, MiFID II, which requires investment firms to unbundle investment research from other costs they charge to clients. We predict that the... mehr

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    This paper provides early but broad empirical evidence on a major new investor protection regulation in Europe, MiFID II, which requires investment firms to unbundle investment research from other costs they charge to clients. We predict that the price separation resulting from unbundling and a hard-dollar system leads to a shrinking of the market for sell-side investment research, manifested in lower quantity of sell-side coverage that is of higher quality than before the regulation. We test our predictions in difference-in-differences matched-sample research designs with firm fixed effects. We find a decrease in the number of sell-side analysts covering European firms after MiFID II implementation, particularly for firms that are less important to the sell-side. However, research quality improves; specifically, individual analyst forecasts are more accurate and stock recommendations garner greater market reactions. In addition, sell-side analysts seem to cater more to the buy-side after MiFID II by providing industry recommendations along with stock recommendations. Importantly, we predict and find evidence that buy-side investment firms turn to more in-house research after MiFID II implementation. Equally interesting, buy-side analysts increase their participation and engagement in earnings conference calls compared to the control group. Finally, we find some evidence that stock-market liquidity decreases post-MiFID II. Our findings have implications beyond Europe, as investors are currently pressuring the U.S. Securities and Exchange Commission to adopt a similar regulation

     
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    Schriftenreihe: Rotman School of Management working paper ; no. 3422155
    Umfang: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  4. Does high auditor litigation risk discourage corporate innovation?
    Autor*in: Chy, Mahfuz; Hope, Ole-Kristian
    Erschienen: September 10, 2016
    Verlag:  [University of Toronto - Rotman School of Management], [Toronto]

    We examine the effect of auditor conservatism on corporate innovation. We hypothesize that because conservative auditors constrain income-increasing accounting discretion, managers may sacrifice long-term investments in innovation to boost current... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    We examine the effect of auditor conservatism on corporate innovation. We hypothesize that because conservative auditors constrain income-increasing accounting discretion, managers may sacrifice long-term investments in innovation to boost current earnings and meet short-term performance targets. Exploiting state-level auditor legal liability shocks as a means of identification, we find evidence consistent with this hypothesis. Cross-sectional analyses reveal that the negative effect of increased auditor conservatism on corporate innovation is more pronounced when the client firms are under greater equity- and debt-market pressures, when the client firms are exposed to greater litigation risk, and when the client firms are audited by large auditors. Our study highlights how auditors, as external monitors, can affect not only the financial reporting quality of their clients, they may also induce alterations in their real operations

     
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    Schriftenreihe: Rotman School of Management working paper ; no. 2801183
    Schlagworte: Wirtschaftsprüfung; Haftung; Innovation; Wirkungsanalyse
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  5. Market reactions to the closest peer firm's analyst revisions
    Autor*in: Hope, Ole-Kristian; Zhao, Wuyang
    Erschienen: October 11, 2016
    Verlag:  [University of Toronto - Rotman School of Management], [Toronto]

    Prior analyst literature focuses on the impact of financial analysts on the firms they cover, and prior information-transfer literature concentrates on the externalities of information provided by management. This paper fills gaps in both streams of... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    Prior analyst literature focuses on the impact of financial analysts on the firms they cover, and prior information-transfer literature concentrates on the externalities of information provided by management. This paper fills gaps in both streams of literature by examining the focal firm's market reactions to the closest peer firm's (identified by product similarity) analyst revisions. We find that the focal firm's stock price reacts to the closest peer's analyst revisions made by analysts who are not covering the focal firm. The focal firm's CAR for a five-day window centered on the revision date is 0.54% higher if the peer firm's analyst revision magnitude is in the top decile than if it is in the bottom decile. Cross-sectional tests show that the sensitivity of the focal firm's market reactions to the peer firm's revisions increases with the revision informativeness and the similarity between the focal firm and the peer firm. In addition, we find that focal firms do not react to peer firms' revisions in industries with strong competition where the competitive effects cancel out the spillover effects. Finally, we find that the focal firm's market reactions can predict its own future analyst revisions, suggesting that the reactions are at least partially rational

     
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    Schriftenreihe: Rotman School of Management working paper ; no. 2813244
    Schlagworte: Finanzanalyse; Börsenkurs; Informationsverbreitung
    Umfang: 1 Online-Ressource (circa 47 Seiten)
  6. China's anti-corruption campaign and firm-level transparency
    Autor*in: Hope, Ole-Kristian; Yue, Heng; Zhong, Qinlin
    Erschienen: August 3, 2017
    Verlag:  [University of Toronto - Rotman School of Management], [Toronto]

    We examine the impact of China's anti-corruption campaign on firm-level financial reporting quality (FRQ). As an important component of the anti-corruption campaign, in October 2013, “Rule 18” was issued to prohibit party and government officials... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    We examine the impact of China's anti-corruption campaign on firm-level financial reporting quality (FRQ). As an important component of the anti-corruption campaign, in October 2013, “Rule 18” was issued to prohibit party and government officials from serving as directors for publicly listed firms. The regulation led to a large number of official directors resigning from their roles as directors involuntarily. As such, Rule 18 has effectively weakened, if not fully discontinued, the political connections of the firms that previously hired officials as directors. Our empirical analyses employ a difference-in-differences research design with firm fixed effects and PSM to examine the pre- and post- period FRQ around the enactment of Rule 18. We find that, compared to propensity-score-matched control firms, FRQ of firms with resigned official director increases after Rule 18. Further evidence suggests that the impact is stronger when firms are located in regions with more developed financial markets and in regions with higher judiciary efficiency. We also find that the effect is more pronounced when firms are non-state-owned, received preferential credits, and face refinancing pressure

     
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    Schriftenreihe: Rotman School of Management working paper ; no. 2899403
    Singapore Management University School of Accountancy Research Paper ; No. 2017-56
    Umfang: 1 Online-Ressource (circa 55 Seiten)
  7. Managerial ability and bank-loan pricing
    Autor*in: De Franco, Gus; Hope, Ole-Kristian; Lu, Ross Haihao
    Erschienen: July 13, 2017
    Verlag:  [University of Toronto - Rotman School of Management], [Toronto]

    This paper examines the impact of borrowers' managerial ability on lenders' bank-loan pricing and the channels through which managerial ability affects bank-loan pricing. Using a large sample of U.S. bank loans, we provide evidence that higher... mehr

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    This paper examines the impact of borrowers' managerial ability on lenders' bank-loan pricing and the channels through which managerial ability affects bank-loan pricing. Using a large sample of U.S. bank loans, we provide evidence that higher managerial ability is associated with lower bank-loan prices. This effect is stronger in firms with high information risk, suggesting that an important channel for managerial ability to affect bank-loan pricing is through improved financial disclosure to mitigate information asymmetry. The relation is also stronger for firms with weak business fundamentals, implying that another channel is through improved business performance. Of these two mechanisms, path analysis suggests that the business-fundamentals mechanism is the more important channel through which managerial ability affects bank-loan pricing

     
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    Schriftenreihe: Rotman School of Management working paper ; no. 3001882
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  8. Blockholder exit threats in the presence of private benefits of control
    Autor*in: Hope, Ole-Kristian; Wu, Han; Zhao, Wuyang
    Erschienen: December 1, 2016
    Verlag:  HEC, Paris

    Exit theory predicts a governance role of outside blockholders' exit threats; but this role could be ineffective if managers' potential private benefits exceed their loss in stock-price declines caused by outside blockholders' exit. We test this... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    Exit theory predicts a governance role of outside blockholders' exit threats; but this role could be ineffective if managers' potential private benefits exceed their loss in stock-price declines caused by outside blockholders' exit. We test this prediction using the Split-Share Structure Reform (SSSR) in China, which provided a large, exogenous, and permanent shock to the cost for outside blockholders to exit. Using a difference-in-differences design combined with propensity-score matching, we find that firms whose outside blockholders experience an increase in exit threats have a greater improvement in performance than those whose outside blockholders experience no increase. Moreover, the governance effect of exit threats is ineffective in the group of firms with the highest concern for private benefits of control. Finally, a battery of theory-motivated tests show that the documented effects are unlikely explained by outside blockholder intervention or some well-known intended effects of SSSR

     
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    Schriftenreihe: HEC Paris Research Paper ; no. ACC-2016-1180
    Review of Accounting Studies, Forthcoming
    Schlagworte: Aktienmarkt; Reform; Aktiensplit; Exit-Strategie; China
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  9. Newspaper censorship in China
    evidence from tunneling scandals
    Autor*in: Hope, Ole-Kristian; Li, Yi; Liu, Qiliang; Wu, Han
    Erschienen: [2020]
    Verlag:  [University of Toronto - Rotman School of Management], [Toronto]

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    keine Fernleihe
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    Schriftenreihe: [Rotman School of Management working paper ; no. 362934]
    Schlagworte: Censorship; Media Dissemination; Newspapers; China; Local Protection; Information Environment; Tunneling; Financial Disclosure
    Umfang: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  10. Peer-level analyst transitions
    Autor*in: Hope, Ole-Kristian; Su, Xijiang
    Erschienen: [2021]
    Verlag:  [University of Toronto - Rotman School of Management], [Toronto]

    This study examines the effect of peer-level analyst transitions (i.e., switching between brokerage houses) on associated regular incumbent analysts’ forecasting performance. We employ a difference-in-differences research design with analyst fixed... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    This study examines the effect of peer-level analyst transitions (i.e., switching between brokerage houses) on associated regular incumbent analysts’ forecasting performance. We employ a difference-in-differences research design with analyst fixed effects and compare incumbent analysts of different groups within the same broker and same time periods. We find that incumbents who cover at least one common industry as the transiting analyst (i.e., affected incumbents) issue more accurate and timely forecasts after a transiting analyst arrives than incumbents who cover different industries (i.e., unaffected incumbents). Further, affected incumbents issue less accurate forecasts after a transiting analyst leaves than do unaffected incumbents. We also examine potential mechanisms of knowledge spillover and find some evidence that the effect is more salient when the transiting analyst switches from a larger brokerage house, has greater industry scope, or covers geographically linked firms

     
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    Schriftenreihe: [Rotman School of Management working paper ; no. 3902615]
    Schlagworte: Peer-level analyst transitions; Peer Effects; Lateral knowledge sharing; Within-firm research design
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (circa 57 Seiten)
  11. Private communication between managers and financial analysts
    evidence from taxi ride patterns in New York City
    Autor*in: Choy, Stacey; Hope, Ole-Kristian
    Erschienen: [2022]
    Verlag:  [University of Toronto - Rotman School of Management], [Toronto]

    This study constructs a novel measure that aims to capture face-to-face private communications between firm managers and sell-side analysts by mapping detailed, large-volume taxi trip records from New York City to the GPS coordinates of companies and... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    This study constructs a novel measure that aims to capture face-to-face private communications between firm managers and sell-side analysts by mapping detailed, large-volume taxi trip records from New York City to the GPS coordinates of companies and brokerages. Consistent with earnings releases prompting needs for private communications, we observe that daily taxi ride volumes between companies and brokerages increase significantly around earnings announcement dates (EAD) and reach their peak on EAD. After controlling for an extensive set of fixed effects (firm, analyst, year, and firm-broker) and other potential confounding factors, we find that increases in ride volumes around EAD are negatively associated with analysts’ earnings forecast errors in periods after EAD and positively associated with the profitability of recommendations issued after EAD (but these effects dissipate over longer horizons). Taken together, our results suggest that analysts may obtain a private source of information orthogonal to their pre-existing information from these in-person meetings, which may help them better understand the implications of current earnings signals for future earnings

     
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    Schriftenreihe: [Rotman School of Management working paper ; no. 3920680]
    Schlagworte: Private Communications; Sell-Side Analysts; Taxis; Private Information; EarningsForecasts; Stock Recommendations; Profitability of Stock Recommendations; EarningsAnnouncements; Reg FD
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (circa 60 Seiten)
  12. Government transparency and firm-level operational efficiency
    Autor*in: Hope, Ole-Kristian; Jiang, Shushu; Vyas, Dushyantkumar
    Erschienen: [2021]
    Verlag:  [University of Toronto - Rotman School of Management], [Toronto]

    We examine the informational role of governments in the private sector in emerging economies. Using a large sample of private firms, we show that governments’ ability and willingness to collect and disseminate economic information (government... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    We examine the informational role of governments in the private sector in emerging economies. Using a large sample of private firms, we show that governments’ ability and willingness to collect and disseminate economic information (government transparency) is positively associated with firm-level operational efficiency and access to external financing. Several cross-sectional analyses corroborate our main findings. We find that the effect of government transparency is stronger for firms operating in weaker alternative information environments. We also find a reduced effect of government transparency in countries with better-developed capital markets that facilitate capital allocation and production efficiency. Additional analyses using the World Bank-supported Open Government Data initiative as a staggered shock to government transparency provides further support to our primary results. Overall, our paper sheds light on the important role played by governments in emerging markets in aggregating and disseminating economic information

     
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    Schriftenreihe: [Rotman School of Management working paper ; no. 3888753]
    Schlagworte: Government Transparency; Private Firms; Emerging Markets; Open Government Data; Operational Efficiency
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (circa 48 Seiten)
  13. Agency conflicts and auditing in private firms
    Autor*in: Hope, Ole-Kristian; Langli, John C.; Thomas, Wayne B.
    Erschienen: 2010
    Verlag:  Centre for Corporate Governance Research, BI Norwegian School of Management, Oslo

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Schriftenreihe: Working paper / Centre for Corporate Governance Research, BI Norwegian School of Management ; 2010,2
    Schlagworte: Wirtschaftsprüfung; Privatwirtschaft; Eigentümerstruktur; Dienstleistungsqualität; Prinzipal-Agent-Theorie
    Umfang: Online-Ressource (PDF-Datei: 43 S., 427 KB)
  14. Private company finance and financial reporting
    Autor*in: Hope, Ole-Kristian; Vyas, Dushyantkumar
    Erschienen: February 18, 2017
    Verlag:  [University of Toronto - Rotman School of Management], [Toronto]

    This article provides a comprehensive assessment of private firms' financing sources and their relation with financial reporting practices. We consider debt financing (bank financing, leasing, and government guarantees), equity financing (family... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
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    This article provides a comprehensive assessment of private firms' financing sources and their relation with financial reporting practices. We consider debt financing (bank financing, leasing, and government guarantees), equity financing (family ownership, government ownership, employee ownership, and private-equity financing,), and trade credit (supplier credit and factoring). Our primary conclusions are that there is significant heterogeneity in the way in which private companies are financed that is influenced by their specific business contexts, and that this heterogeneity in financing is associated with differential demand for and supply of financial reporting

     
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    Schriftenreihe: Rotman School of Management working paper ; no. 2871542
    2016 ICAEW Information for Better Markets Conference
    Umfang: 1 Online-Ressource (circa 53 Seiten)
  15. Blockholder exit threats in the presence of private benefits of control
    Autor*in: Hope, Ole-Kristian; Wu, Han; Zhao, Wuyang
    Erschienen: December 13, 2016
    Verlag:  [University of Toronto - Rotman School of Management], [Toronto]

    Exit theory predicts a governance role of outside blockholders' exit threats; but this role could be ineffective if managers' potential private benefits exceed their loss in stock-price declines caused by outside blockholders' exit. We test this... mehr

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    Exit theory predicts a governance role of outside blockholders' exit threats; but this role could be ineffective if managers' potential private benefits exceed their loss in stock-price declines caused by outside blockholders' exit. We test this prediction using the Split-Share Structure Reform (SSSR) in China, which provided a large, exogenous, and permanent shock to the cost for outside blockholders to exit. Using a difference-in-differences design combined with propensity-score matching, we find that firms whose outside blockholders experience an increase in exit threats have a greater improvement in performance than those whose outside blockholders experience no increase. Moreover, the governance effect of exit threats is ineffective in the group of firms with the highest concern for private benefits of control. Finally, a battery of theory-motivated tests show that the documented effects are unlikely explained by outside blockholder intervention or some well-known intended effects of SSSR

     
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    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Rotman School of Management working paper ; no. 2884812
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  16. Private company finance and financial reporting
    Autor*in: Hope, Ole-Kristian; Yvas, Dushyantkumar
    Erschienen: March 12, 2017
    Verlag:  [University of Toronto - Rotman School of Management], [Toronto]

    This article provides a comprehensive assessment of private firms' financing sources and their relation with financial reporting practices. We consider debt financing (bank financing, leasing, and government guarantees), equity financing (family... mehr

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    This article provides a comprehensive assessment of private firms' financing sources and their relation with financial reporting practices. We consider debt financing (bank financing, leasing, and government guarantees), equity financing (family ownership, government ownership, employee ownership, and private-equity financing,), and trade credit (supplier credit and factoring). Our primary conclusions are that there is significant heterogeneity in the way in which private companies are financed that is influenced by their specific business contexts, and that this heterogeneity in financing is associated with differential demand for and supply of financial reporting

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Rotman School of Management working paper ; no. 2928730
    Umfang: 1 Online-Ressource (circa 53 Seiten)