Outside investor access to top management : market monitoring versus stock price manipulation / by Josef Schroth.: FB3-5/2020-43E-PDF
"This paper studies the role of voluntary disclosure in crowding out independent research about firm value. In the model, when inside firm owners make it easier for outside investors to obtain inexpensive biased information from the manager, investors rely less on costly unbiased research. As a result, managers are tempted to manipulate the firm stock price more, but investors are better informed because they anticipate manager manipulation. An increase in stock-price informativeness, therefore, has to be traded off against an increase in resources wasted on manipulation. I find that, surprisingly, firm owners grant investors more access to managers that manipulate more strongly. An implication is that the firm cost of capital is negatively related to manager manipulation"--Abstract, page ii.
Permanent link to this Catalogue record:
publications.gc.ca/pub?id=9.893100&sl=0
| Department/Agency |
|
|---|---|
| Title | Outside investor access to top management : market monitoring versus stock price manipulation / by Josef Schroth. |
| Series title |
|
| Publication type | Monograph - View Master Record |
| Language | [English] |
| Format | Digital text |
| Electronic document | |
| Note(s) |
|
| Publishing information |
|
| Author / Contributor |
|
| Description | 1 online resource (ii, 45 pages) : colour illustrations. |
| Catalogue number |
|
| Subject terms |
Request alternate formats
To request an alternate format of a publication, complete the Government of Canada Publications email form. Use the form’s “question or comment” field to specify the requested publication.Page details
- Date modified: