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Investor sophistication, disclosure,...

Kalay, Alon.

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

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Investor sophistication, disclosure, and the information environment of the firm.
作者:	Kalay, Alon.
面頁冊數:	117 p.
附註:	Source: Dissertation Abstracts International, Volume: 72-12, Section: A, page: .
附註:	Adviser: Christian Leuz.
Contained By:	Dissertation Abstracts International72-12A.
標題:	Business Administration, Accounting.
電子資源:	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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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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