Mandatory Disclosure, Voluntary Disclosure, and Stock Market Liquidity: Evidence from the EU Bank Stress Tests

2013 ◽  
Vol 51 (5) ◽  
pp. 997-1029 ◽  
Author(s):  
JANNIS BISCHOF ◽  
HOLGER DASKE
Keyword(s):  
Stock Market ◽  
Voluntary Disclosure ◽  
Market Liquidity ◽  
Mandatory Disclosure ◽  
Stress Tests ◽  
Stock Market Liquidity ◽  
The Eu

scholarly journals State Antitakeover Laws and Voluntary Disclosure

2013 ◽  
Vol 48 (2) ◽  
pp. 637-668 ◽  
Author(s):  
Yijiang Zhao ◽  
Arthur Allen ◽  
Iftekhar Hasan
Keyword(s):  
Stock Market ◽  
Capital Market ◽  
Voluntary Disclosure ◽  
Driving Force ◽  
Market Liquidity ◽  
Stock Market Liquidity ◽  
Market Benefits ◽  
The Relationship

AbstractWe test the relationship between takeover protection and voluntary disclosure in a setting of antitakeover laws in a firm’s state of incorporation. After correcting for the endogeneity of firms’ incorporation choices, we find that firms incorporated in states with more antitakeover laws have higher levels of voluntary disclosure and stock market liquidity. Further tests do not support shareholder demands being the driving force for this association. Our findings are consistent with takeover protection and poor disclosure serving as substitute mechanisms for deterring takeovers. Therefore, as antitakeover statutes mitigate takeover threats, they enhance managers’ incentives to disclose more in order to realize capital market benefits.

Corporate Governance and Stock Market Liquidity

2019 ◽  
Author(s):  
Erick Rading Outa ◽  
Nelson Maina Waweru ◽  
Peterson K Ozili
Keyword(s):  
Corporate Governance ◽  
Stock Market ◽  
Market Liquidity ◽  
Stock Market Liquidity
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