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Essays on information, markets, and mandated disclosures

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TitleInfo
Title
Essays on information, markets, and mandated disclosures
Name (type = personal)
NamePart (type = family)
Azmi Shabestari
NamePart (type = given)
Mehrzad
NamePart (type = date)
1988-
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Mehrzad Azmi Shabestari
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RoleTerm (authority = RULIB)
author
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Sarath
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Bharat
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Bharat Sarath
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Advisory Committee
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chair
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Palmon
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Dan
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Dan Palmon
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Advisory Committee
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internal member
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Moffitt
NamePart (type = given)
Kevin
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Kevin Moffitt
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Advisory Committee
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RoleTerm (authority = RULIB)
internal member
Name (type = personal)
NamePart (type = family)
Shon
NamePart (type = given)
John
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John Shon
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Advisory Committee
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outside member
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Rutgers University
Role
RoleTerm (authority = RULIB)
degree grantor
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NamePart
Graduate School - Newark
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school
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Text
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theses
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2017
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2017-01
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2016
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xx
Language
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eng
Abstract (type = abstract)
This dissertation consists of two essays. The first essay focuses on the ability of mandated SEC disclosures and voluntary corporate restrictions to restrain insiders from trading based on material, non-public information. We look at the combined effects of required Form-4 disclosures and the single most common corporate policy which restricts trading by insiders at all times except a short window starting three to 12 days after the earning announcement date which is called the white window. Results indicate that there is a strong selection bias by insider deciding which white window to trade in. Because of this selection bias there is not a significant difference between the average cumulative abnormal return of the black and white periods, but insiders gain much more cumulative abnormal return comparing the returns of the black period with the white periods that they do not trade in. We also compare the average cumulative abnormal return for the trades which are filed under a 10b5-1 plan versus non-plan trades. We find that in the black period, and in a short period right before earnings announcement date, the trades which are filed under a10b5-1 plan generate more cumulative abnormal return on average. The second essay studies disclosures by the banking industry about potential business risk factors leading into the financial crisis of 2007- 08. Such disclosures are mandated in Item 1A of the annual 10-K form filed with the SEC. The objective of this research is to evaluate the informativeness and timeliness of one specific component of annual reports (Form 10-K), namely Item 1A. We qualitatively examine this issue by checking the underlying tone of these disclosures. The results indicate that the tone of Item 1A has became much more negative from 2008 to 2009. We have also created a dictionary of financial crisis related words using LDA which is a generative statistical model to check the timing of appearance of those words in Item 1A. Overall, the results support the argument that the banking industry has failed to predict the financial crisis, and they have started noticing and disclosing risks related to the crisis only after it happened.
Subject (authority = RUETD)
Topic
Management
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Title
Rutgers University Electronic Theses and Dissertations
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ETD_7803
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electronic resource
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application/pdf
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text/xml
Extent
1 online resource (x, 89 p. : ill.)
Note (type = degree)
Ph.D.
Note (type = bibliography)
Includes bibliographical references
Subject (authority = ETD-LCSH)
Topic
Disclosure in accounting
Subject (authority = ETD-LCSH)
Topic
Financial statements
Note (type = statement of responsibility)
by Mehrzad Azmi Shabestari
RelatedItem (type = host)
TitleInfo
Title
Graduate School - Newark Electronic Theses and Dissertations
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rucore10002600001
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NjNbRU
Identifier (type = doi)
doi:10.7282/T34T6MT3
Genre (authority = ExL-Esploro)
ETD doctoral
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Rights

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The author owns the copyright to this work.
RightsHolder (type = personal)
Name
FamilyName
Azmi Shabestari
GivenName
Mehrzad
Role
Copyright Holder
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Type
Permission or license
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2016-12-27 00:22:21
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Mehrzad Azmi Shabestari
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Rutgers University. Graduate School - Newark
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Author Agreement License
Detail
I hereby grant to the Rutgers University Libraries and to my school the non-exclusive right to archive, reproduce and distribute my thesis or dissertation, in whole or in part, and/or my abstract, in whole or in part, in and from an electronic format, subject to the release date subsequently stipulated in this submittal form and approved by my school. I represent and stipulate that the thesis or dissertation and its abstract are my original work, that they do not infringe or violate any rights of others, and that I make these grants as the sole owner of the rights to my thesis or dissertation and its abstract. I represent that I have obtained written permissions, when necessary, from the owner(s) of each third party copyrighted matter to be included in my thesis or dissertation and will supply copies of such upon request by my school. I acknowledge that RU ETD and my school will not distribute my thesis or dissertation or its abstract if, in their reasonable judgment, they believe all such rights have not been secured. I acknowledge that I retain ownership rights to the copyright of my work. I also retain the right to use all or part of this thesis or dissertation in future works, such as articles or books.
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DateTime (encoding = w3cdtf); (qualifier = exact); (point = start)
2017-01-31
DateTime (encoding = w3cdtf); (qualifier = exact); (point = end)
2019-01-31
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Embargo
Detail
Access to this PDF has been restricted at the author's request. It will be publicly available after January 31st, 2019.
Copyright
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Copyright protected
Availability
Status
Open
Reason
Permission or license
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2017-01-04T21:39:11
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2017-01-04T21:39:11
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