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Causal effects of stock market on corporate decisions, disclosure mandates, and informational feedback

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TitleInfo
Title
Causal effects of stock market on corporate decisions, disclosure mandates, and informational feedback
Name (type = personal)
NamePart (type = family)
Jiang
NamePart (type = given)
Jinglin
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1987-
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Jinglin Jiang
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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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Nanda
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Vikram
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Vikram Nanda
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Advisory Committee
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co-chair
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Dimitrov
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Valentin
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Valentin Dimitrov
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Advisory Committee
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internal member
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Ali
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Ashiq
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Ashiq Ali
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Advisory Committee
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outside member
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Rutgers University
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degree grantor
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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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2017-10
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2017
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xx
Language
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eng
Subject (authority = RUETD)
Topic
Management
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Title
Rutgers University Electronic Theses and Dissertations
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ETD
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ETD_8085
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electronic resource
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application/pdf
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text/xml
Extent
1 online resource (x, 95 p. : ill.)
Note (type = degree)
Ph.D.
Note (type = bibliography)
Includes bibliographical references
Subject (authority = ETD-LCSH)
Topic
Stocks--Prices
Note (type = statement of responsibility)
by Jinglin Jiang
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TitleInfo
Title
Graduate School - Newark Electronic Theses and Dissertations
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rucore10002600001
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doi:10.7282/T3RJ4NJ0
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ETD doctoral
Abstract
The accounting literature has long recognized that maintaining or increasing stock prices isone of the most important factors for managers’ reporting and disclosure decisions, how-ever, the extant literature mainly examines the reverse causality (i.e., the effect of voluntaryearnings forecasts or earnings management on stock prices), due to endogeneity concerns.Chapter 1 examines managers’ decisions on information disclosure in response to stock-underpricing. Using mutual fund fire sales as an exogenous source of market-disruption,we find some managers increase frequency/precision of earnings guidance in response tostock-underpricing. Other managers, especially those in firms with poorer performanceand more short-term-oriented investors, engage in accrual-based earnings management.The passage of SOX, however, affects firms’ response to fire sales, with firms increasingtheir reliance on guidance as opposed to earnings management. The shift is associatedwith faster post-fire-sales price recovery, suggesting that enhancing information disclosurerather than information manipulation is effective in correcting stock-underpricing.

The SEC promulgated Regulation Fair Disclosure (Reg FD) to establish a “level play-ing field”for investors through prohibiting the use of selective disclosure. In Chapter 2, weuse Reg FD as a plausibly natural experiment to evaluate links between disclosure, privateinformation production, and real efficiency. We find that the rule has an adverse impact onprice informativeness, investment-to-price sensitivity, and firm valuewith stronger effectsfor firms with greater prior reliance on selective disclosure. Analyst forecast quality alsoappears to decline following the rule change. Interestingly, the impact of Reg FD on priceinformativeness and the sensitivity of investment-to-price diminishes over time, while the deterioration in analyst forecasts tends to persist. Collectively, the results highlight unin-tended consequences of Reg FD in inhibiting private information acquisition and, thereby,the informational feedback from stock prices to real decisions.
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Rights

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The author owns the copyright to this work.
RightsHolder (type = personal)
Name
FamilyName
Jiang
GivenName
Jinglin
Role
Copyright Holder
RightsEvent
Type
Permission or license
DateTime (encoding = w3cdtf); (qualifier = exact); (point = start)
2017-05-04 12:58:12
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Name
Jinglin Jiang
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Affiliation
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.
RightsEvent
DateTime (encoding = w3cdtf); (qualifier = exact); (point = start)
2017-10-31
DateTime (encoding = w3cdtf); (qualifier = exact); (point = end)
2019-10-31
Type
Embargo
Detail
Access to this PDF has been restricted at the author's request. It will be publicly available after October 31st, 2019.
Copyright
Status
Copyright protected
Availability
Status
Open
Reason
Permission or license
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2017-06-28T13:22:50
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