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Investor sophistication, disclosure,...

Kalay, Alon.

Investor sophistication, disclosure, and the information environment of the firm.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Investor sophistication, disclosure, and the information environment of the firm.
Author:	Kalay, Alon.
Description:	117 p.
Notes:	Source: Dissertation Abstracts International, Volume: 72-12, Section: A, page: .
Notes:	Adviser: Christian Leuz.
Contained By:	Dissertation Abstracts International72-12A.
Subject:	Business Administration, Accounting.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3472875
ISBN:	9781124868295

Investor sophistication, disclosure, and the information environment of the firm.
Kalay, Alon.

Investor sophistication, disclosure, and the information environment of the firm. - 117 p.

Source: Dissertation Abstracts International, Volume: 72-12, Section: A, page: .

Thesis (Ph.D.)--The University of Chicago, 2011.

In this paper, I examine variation in inefficient call option exercise activity as a proxy for variation in the sophistication of the firm's investors. Using this new measure, I find that sophisticated information processors (investors) concentrate their trading activity in firms with increased levels of information asymmetry and decreased liquidity in firm shares. Furthermore, I find results consistent with the idea that disclosure activities that vary in the time and attention required to process attract investors with varying levels of sophistication, creating disclosure clientele effects. Thus, the potential demand for disclosure is partially driven by an investor's ability to utilize disclosed information. Specifically, I find that sophisticated information processors concentrate their trading activity in firms that issue earnings guidance on a regular basis. This relation is stronger prior to RegFD, when sophisticated investors' preferences for forecasting firms are expected to be greater. Alternatively, less sophisticated investors are more prevalent in firms with increased levels of press dissemination and superior investor relations activities (e.g., better access to information on the corporate website).

ISBN: 9781124868295Subjects--Topical Terms:

227519
Business Administration, Accounting.

Investor sophistication, disclosure, and the information environment of the firm.
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245 1 0 $a Investor sophistication, disclosure, and the information environment of the firm.
300 $a 117 p.
500 $a Source: Dissertation Abstracts International, Volume: 72-12, Section: A, page: .
500 $a Adviser: Christian Leuz.
502 $a Thesis (Ph.D.)--The University of Chicago, 2011.
520 $a In this paper, I examine variation in inefficient call option exercise activity as a proxy for variation in the sophistication of the firm's investors. Using this new measure, I find that sophisticated information processors (investors) concentrate their trading activity in firms with increased levels of information asymmetry and decreased liquidity in firm shares. Furthermore, I find results consistent with the idea that disclosure activities that vary in the time and attention required to process attract investors with varying levels of sophistication, creating disclosure clientele effects. Thus, the potential demand for disclosure is partially driven by an investor's ability to utilize disclosed information. Specifically, I find that sophisticated information processors concentrate their trading activity in firms that issue earnings guidance on a regular basis. This relation is stronger prior to RegFD, when sophisticated investors' preferences for forecasting firms are expected to be greater. Alternatively, less sophisticated investors are more prevalent in firms with increased levels of press dissemination and superior investor relations activities (e.g., better access to information on the corporate website).
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650 4 $a Economics, Finance. $3 212585
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790 1 0 $a Leuz, Christian, $e advisor
790 1 0 $a Berger, Philip G. $e committee member
790 1 0 $a Rogers, Jonathan L. $e committee member
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