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International Finance Discussion Papers - Limited Market Participation and Asset Prices in the Presence of Earnings Management (Paperback) Loot Price: R283
Discovery Miles 2 830
You Save: R71 (20%)
International Finance Discussion Papers - Limited Market Participation and Asset Prices in the Presence of Earnings Management...

International Finance Discussion Papers - Limited Market Participation and Asset Prices in the Presence of Earnings Management (Paperback)

Bo Sun; Created by United States Federal Reserve Board

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List price R354 Loot Price R283 Discovery Miles 2 830 You Save R71 (20%)

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We examine the role of earnings management in explaining the properties of asset prices and stock market participation. We demonstrate that investors' uncertainty about the extent of manipulation can cause excess movements in stock price relative to fluctuations in output. When faced with information asymmetry about fundamentals in the presence of earnings management, investors demand a higher equity premium for bearing the additional risk associated with their payoffs. In addition, when investors have heterogeneous beliefs about managerial manipulation, the dispersion in belief endogenously gives rise to limited stock market participation. Our model suggests that the increasing stringency of corporate governance and varying composition of investors may have played a role in the contemporaneous run-up of market participation rates in the recent years.

General

Imprint: Bibliogov
Country of origin: United States
Release date: February 2013
First published: February 2013
Authors: Bo Sun
Creators: United States Federal Reserve Board
Dimensions: 246 x 189 x 2mm (L x W x T)
Format: Paperback - Trade
Pages: 44
ISBN-13: 978-1-288-72439-0
Categories: Books > Social sciences > Politics & government > General
LSN: 1-288-72439-X
Barcode: 9781288724390

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