The Role of Dissemination in Market Liquidity: Evidence from Firms' Use of Twitter™

2013 ◽  
Vol 89 (1) ◽  
pp. 79-112 ◽  
Author(s):  
Elizabeth Blankespoor ◽  
Gregory S. Miller ◽  
Hal D. White
Keyword(s):  
Information Asymmetry ◽  
Market Liquidity ◽  
Data Availability ◽  
Market Participants ◽  
Technology Firms ◽  
The Press ◽  
The Impact ◽  
To Receive ◽  
Bid Ask Spreads

ABSTRACT Firm disclosures often reach only a portion of investors, which results in information asymmetry among investors and, therefore, lower market liquidity. This issue is particularly salient for firms that are not highly visible, as they tend not to receive broad news dissemination via traditional intermediaries, such as the press. This paper examines whether firms can reduce information asymmetry by more broadly disseminating their news. To isolate the impact of dissemination, we focus our analysis on firms' use of Twitter and exploit the 140-character message restriction. Specifically, using a sample of technology firms, we examine the impact of using Twitter to send market participants links to press releases that are provided via traditional disclosure methods. We find this additional dissemination of firm-initiated news via Twitter is associated with lower abnormal bid-ask spreads and greater abnormal depths, consistent with a reduction in information asymmetry. Moreover, this result holds mainly for firms that are not highly visible, consistent with them being in greater need of this additional dissemination channel. We also examine the impact of dissemination on a volume-based measure of liquidity, and find that dissemination is positively associated with liquidity. Data Availability: All data are publicly available from the sources indicated in the paper.

The Impact of SEC Disclosure Monitoring on the Uncertainty of Fair Value Estimates

2015 ◽  
Vol 91 (2) ◽  
pp. 349-375 ◽  
Author(s):  
Daniel A. Bens ◽  
Mei Cheng ◽  
Monica Neamtiu
Keyword(s):  
Fair Value ◽  
Securities And Exchange Commission ◽  
Data Availability ◽  
Market Uncertainty ◽  
Market Participants ◽  
Comment Letters ◽  
Value Reporting ◽  
The Impact ◽  
Level 2

ABSTRACT We investigate the role played by the Securities and Exchange Commission (SEC) in monitoring fair value disclosures in regulatory filings. Specifically, we assess whether SEC action via the issuance of fair value comment letters to registrants is followed by reductions in uncertainty about the firms' fair value estimates. We hypothesize that registrants that receive a comment letter focusing on their fair value disclosure policies experience reductions in investor uncertainty regarding their fair value estimates in the post-letter period, compared to the pre-letter period. Supporting this prediction, we find that for the periods after the fair value comment letters, the associations between Level 2 and 3 fair value assets and our measures of uncertainty are significantly reduced. These findings are robust to a series of tests designed to ensure that we do not simply capture general changes in market uncertainty levels for firms investing in these types of assets. Our study contributes to the further understanding of market participants' perception of fair value disclosures by investigating the role of SEC enforcement. This finding is important given recent criticisms of fair value reporting emanating from the highest levels of government and industry. Data Availability: Data are available from public sources identified in the paper.

Information asymmetry and equity issue decision of low-leverage firms

2018 ◽  
Vol 44 (11) ◽  
pp. 1330-1346
Author(s):  
Bipin Sony ◽  
Saumitra Bhaduri
Keyword(s):  
Information Asymmetry ◽  
Equity Issue ◽  
Content Type ◽  
Equity Issues ◽  
Developed Economies ◽  
Tangible Assets ◽  
Credit History ◽  
The Impact ◽  
Role Of Information

Purpose The purpose of this paper is to investigate the role of information asymmetry in the equity issue decision of two categories of Indian firms with distinct levels of information asymmetry – levered firms and unlevered firms. Design/methodology/approach This paper proposes a novel empirical approach to compare these two categories of firms. Levered firms exposed to the debt markets are under the scrutiny of lenders, reducing their information asymmetry problems. On the other hand, unlevered firms, which are smaller firms with fewer tangible assets and no credit history suffers more information problems. The authors use a propensity score matching method to identify firms that share similar firm-specific characteristics in these groups and compare equity issues to analyze the impact of information asymmetry. Findings The results show that information asymmetry plays a key role in the equity issue decision of Indian firms. Additionally, the authors find that the trends and characteristics of low-leverage (LL) firms in India are comparable to the LL from developed economies, which is consistent with the findings that they face more information problems. Originality/value Unlike the conventional approach of using proxy variables to capture information asymmetry, this study uses a novel framework where the authors compare the equity issue decision of similar firms in two categories with different degrees of information asymmetry.

scholarly journals Leverage and firm investment: the role of information asymmetry and growth

2019 ◽  
Vol 27 (1) ◽  
pp. 56-73 ◽  
Author(s):  
Albert Danso ◽  
Theophilus Lartey ◽  
Samuel Fosu ◽  
Samuel Owusu-Agyei ◽  
Moshfique Uddin
Keyword(s):  
Information Asymmetry ◽  
High Growth ◽  
Firm Investment ◽  
Financial Leverage ◽  
Content Type ◽  
Growth Firms ◽  
The Impact ◽  
The Relationship ◽  
Role Of Information

PurposeThis paper aims to demonstrate how financial leverage impacts firm investment and the extent to which this relationship is conditional on the level of information asymmetry as well as growth.Design/methodology/approachThe paper relies on data from 2,403 Indian firms during the period 1995-2014, generating a total of 19,544 firm-year observations. Analysis is conducted by using various panel econometric techniques.FindingsDrawing insights from agency theories, the paper uncovers that financial leverage is negatively and significantly related to firm investment. It is also observed that the impact of financial leverage on firm investment is significant for high information asymmetric firms. Finally, the paper shows that the relationship between leverage and firm investment is significant for low-growth firms. However, no significant relationship is found between leverage and investment for high-growth firms.Originality/valueThis paper provides fresh evidence on the leverage–investment nexus and, to the authors’ knowledge, it the first paper to examine the extent to which this leverage–investment relationship is driven by the level of information asymmetry.

scholarly journals Molecular profiling of advanced solid tumours. The impact of experimental molecular-matched therapies on cancer patient outcomes in early-phase trials: the MAST study

2021 ◽  
Author(s):  
Valentina Gambardella ◽  
Pasquale Lombardi ◽  
Juan Antonio Carbonell-Asins ◽  
Noelia Tarazona ◽  
Juan Miguel Cejalvo ◽  
...  
Keyword(s):  
Early Phase ◽  
Progression Free Survival ◽  
Tumor Board ◽  
Prior Therapy ◽  
Early Phase Trials ◽  
Molecular Tumor Board ◽  
Early Phase Clinical Trials ◽  
The Impact ◽  
To Receive

Abstract Introduction Molecular-matched therapies have revolutionized cancer treatment. We evaluated the improvement in clinical outcomes of applying an in-house customized Next Generation Sequencing panel in a single institution. Methods Patients with advanced solid tumors were molecularly selected to receive a molecular-matched treatment into early phase clinical trials versus best investigators choice, according to the evaluation of a multidisciplinary molecular tumor board. The primary endpoint was progression-free survival (PFS) assessed by the ratio of patients presenting 1.3-fold longer PFS on matched therapy (PFS2) than with prior therapy (PFS1). Results Of a total of 231 molecularly screened patients, 87 were eligible for analysis. Patients who received matched therapy had a higher median PFS2 (6.47 months; 95% CI, 2.24–14.43) compared to those who received standard therapy (2.76 months; 95% CI, 2.14–3.91, Log-rank p = 0.022). The proportion of patients with a PFS2/PFS1 ratio over 1.3 was significantly higher in the experimental arm (0.33 vs 0.08; p = 0.008). Discussion We demonstrate the pivotal role of the institutional molecular tumor board in evaluating the results of a customized NGS panel. This process optimizes the selection of available therapies, improving disease control. Prospective randomized trials are needed to confirm this approach and open the door to expanded drug access.

Hotel discount strategies on consumer responses: the role of involvement

2014 ◽  
Vol 69 (4) ◽  
pp. 284-296 ◽  
Author(s):  
Seung Hyun Lee ◽  
Billy Bai
Keyword(s):  
Behavioral Intention ◽  
Positive Emotion ◽  
Behavioral Responses ◽  
Theoretical Understanding ◽  
Content Type ◽  
Consumer Responses ◽  
Quasi Experimental ◽  
The Impact ◽  
To Receive

Purpose – This paper aims to examine the impact of hotel discount strategies on consumers’ emotional and behavioral responses in the presence of differential levels of involvement in discount acquisition. Design/methodology/approach – Discount strategies and the high- and low-involvement variables were fully cross-examined, yielding a 2 × 2 factorial quasi experimental design. In all, 120 surveys were collected, and multivariate analysis of variance was used for data analysis. Findings – The results suggest that fenced discounts that require consumers to accept restrictions to receive a discount generated more positive emotion and stronger behavioral intention. Moreover, an interaction effect was found between consumer’s involvement and discounts on emotional and behavioral responses toward discount-acquiring experience. Highly involved consumers resulted in more positive emotional and stronger behavioral responses (e.g. pride, gratitude, word-of-mouth and retention) from obtaining a fenced discount that requires consumers’ efforts or sacrifices. On contrary, consumers with low involvement tend to appreciate more of a fixed discount given to anyone without restrictions. Practical implications – Hotels should implement a fenced discount when they design discounts targeting at high-involvement consumers. For low-involvement consumers, a fixed discount appears to generate more positive emotion and stronger behavioral intention. Originality/value – The study enhances the theoretical understanding of consumers’ emotional and behavioral responses toward discount-acquiring experience with different levels of involvement.

MAPKs and NF-κB differentially regulate cytokine expression in the diaphragm in response to resistive breathing: the role of oxidative stress

2011 ◽  
Vol 300 (5) ◽  
pp. R1152-R1162 ◽  
Author(s):  
Ioanna Sigala ◽  
Panayiotis Zacharatos ◽  
Dimitris Toumpanakis ◽  
Tatiana Michailidou ◽  
Olga Noussia ◽  
...  
Keyword(s):  
Oxidative Stress ◽  
Cytokine Expression ◽  
Regulatory Control ◽  
Protein Levels ◽  
Cytokine Induction ◽  
Resistive Breathing ◽  
Tnf Α ◽  
The Impact ◽  
To Receive

Inspiratory resistive breathing (IRB) induces cytokine expression in the diaphragm. The mechanism of this cytokine induction remains elusive. The roles of MAPKs and NF-κB and the impact of oxidative stress in IRB-induced cytokine upregulation in the diaphragm were studied. Wistar rats were subjected to IRB (50% of maximal inspiratory pressure) via a two-way nonrebreathing valve for 1, 3, or 6 h. Additional groups of rats subjected to IRB for 6 h were randomly assigned to receive either solvent or N-acetyl-cysteine (NAC) or inhibitors of NF-κB (BAY-11–7082), ERK1/2 (PD98059), and P38 MAPK (SB203580) to study the effect of oxidative stress, NF-κB, and MAPKs in IRB-induced cytokine upregulation in the diaphragm. Quietly breathing animals served as controls. IRB upregulated cytokine (IL-6, TNF-α, IL-10, IL-2, IL-1β) protein levels in the diaphragm and resulted in increased activation of MAPKs (P38, ERK1/2) and NF-κB. Inhibition of NF-κB and ERK1/2 blunted the upregulation of all cytokines except that of IL-6, which was further increased. P38 inhibition attenuated all cytokine (including IL-6) upregulation. Both P38 and ERK1/2 inhibition decreased NF-κB/p65 subunit phosphorylation. NAC pretreatment blunted IRB-induced cytokine upregulation in the diaphragm and resulted in decreased ERK1/2, P38, and NF-κB/p65 phosphorylation. In conclusion, IRB-induced cytokine upregulation in the diaphragm is under the regulatory control of MAPKs and NF-κB. IL-6 is regulated differently from all other cytokines through a P38-dependent and NF-κB independent pathway. Oxidative stress is a stimulus for IRB-induced cytokine upregulation in the diaphragm.

scholarly journals On Going Beyond the Literal: Translating Metaphorical Conceptualizations in Financial Discourse

2011 ◽  
Vol 56 (2) ◽  
pp. 407-423 ◽  
Author(s):  
Laurent Nicaise
Keyword(s):  
Language Learners ◽  
Financial Economic ◽  
Corpus Analysis ◽  
Cognitive Differences ◽  
Economic Discourse ◽  
The Press ◽  
The Impact

This article, through a bilingual French-Dutch corpus, looks at how identical financial-economic concepts are articulated distinctively in the two language communities. The article shows that understanding why an author makes a particular (metaphorical) choice in the lexical repertoire of the discipline could provide language learners and translators with knowledge that will foster their understanding of financial-economic discourse and raise their awareness of ideological, pragmatic and cognitive differences between languages in the role of metaphors. The data indicate that a corpus analysis may contribute to explaining the impact of culture and other communication variables on the lexical realizations of financial-economic concepts in the press.

scholarly journals Spaudos vaidmuo kuriant pilietinę visuomenę

2009 ◽  
Vol 51 ◽  
pp. 70-82
Author(s):  
Jolita Linkevičiūtė-Rimavičienė
Keyword(s):  
Civil Society ◽  
Public Space ◽  
Developmental Stages ◽  
The Social ◽  
The Press ◽  
Community Information ◽  
Societal Changes ◽  
The Right ◽  
To Receive

Straipsnio tikslas – nagrinėti specifinį spaudos vaidmenį viename iš visuomenės raidos etapų: kuriantis naujai socialinei struktūrai, pilietinei bendruomenei ir jai aktyviai dalyvaujant pirmoje viešosios srities raidos pakopoje. Lietuvoje, kaip ir kitose posovietinėse šalyse, kuriose totalitarinės ideologijos dominavimas deformavo tiesos ir identiteto sampratas, keičiantis visuomeninei struktūrai, psichologinio saugumo poreikis ir lūkesčiai, kuriant geresnę ateitį, buvo susiję su spauda, tuo laikotarpiu atlikusia kompensuojamąją funkciją. Įvykiai Rytų Europoje, buvusioje Sovietų sąjungoje iki 1990-ųjų skatino ginkluotus konfliktus. „Dainuojanti revoliucija“ Baltijos valstybėse tyrėjų vertinama politinės raidos modelio aspektu. „Nacionalizmas be žiaurumo“ suvokiamas kaip fenomenas, sąlygotas baltų istorinio ir kultūrinio paveldo, palyginti su agresyviu serbų, kroatų, kaukaziečių nacionalizmu, pasireiškusiu išsivaduojant iš sovietinio „tautų kapinyno“.Neginkluotą nacionalinį pasipriešinimo judėjimą ir skirtingų visuomenės grupių Lietuvoje, Latvijoje ir Estijoje dialogą organizavo ir rėmė laisvėjanti spauda. Visuomenės informavimo priemonių, kaip įtakingos socialinės jėgos, analizė; spaudos, mobilizuojančios, koordinuojančios ir drąsinančios žmones atvirai reikšti savo nuomonę, vaidmens identifikavimas bus naudingas tolesnei tyrimų, nagrinėjančių Lietuvos atgimimo spaudą ir jos raidos etapus 1988–1991 metais, eigai. Visuomenės teisė gauti informaciją yra politinė, spaudos sąsajų su pilietine visuomene kontekstualizavimas svarbus kaip teorinis pagrindas, tiriant medijų funkcijas bei uždavinius demokratėjant visuomenei ir palankios piliečių sąmoningumui vystytis kuriant aplinką. Ši tema nėra tirta, XX a. devintojo dešimtmečio Lietuvos žiniasklaida apžvelgiama tik istoriografinės analizės aspektu, nepakanka dėmesio laisvėjančiam žiniasklaidos diskursui ir jo įtakai vertybių kaitos požiūriu.Pagrindiniai žodžiai: visuomeniniai pokyčiai, spaudos vaidmuo, spaudos laisvė, žurnalistinė atsakomybė, viešoji erdvė, piliečiai.Media, change and civil societyJolita Linkevičiūtė-Rimavičienė SummaryThe purpose of the article is to attract attention to the role of press and its meaning in the context of civil society in one of the developmental stages of democracy. After the social structure had changed in Lithuania, as in other post soviet countries where the totalitarian ideology deformed the concepts of truth and identity, the need and expectations of psychological security to create a better future were directly related to the press.On the grounds of political philosophy, the imperative of public space as an imperative of a basic democracy institution which appears when the members of community create and support it, is analyzed. Analyzing the way in which the press as one of the governmental blocks participates in the maintenance of public space because of itself and represents the citizens, shows the level of public discussion quality and community information. The right of society to receive information is political since the awareness guarantees the realization of universal freedom; the purification of press links with civil society is important as a theoretical basis when examining the role of media in the periods of societal changes.

scholarly journals Influence of Entrepreneurial Psychology and Spirit on the Cultivation of Students’ Entrepreneurial Values and Ability Under the New Media

2021 ◽  
Vol 12 ◽  
Author(s):  
Weiwei Wang ◽  
Ying Jiang
Keyword(s):  
College Students ◽  
New Media ◽  
Entrepreneurship Education ◽  
Shaanxi Province ◽  
Business Skills ◽  
Entrepreneurial Spirit ◽  
Entrepreneurial Ability ◽  
The Impact ◽  
To Receive

This article studies the influence of entrepreneurial spirit on college students’ entrepreneurial ability and entrepreneurial values. Firstly, the impact of entrepreneurial psychology and entrepreneurial spirit on entrepreneurial values is analyzed. Secondly, the role of entrepreneurial values in innovation and entrepreneurship education is analyzed and summarized under new media. Then, based on entrepreneurial psychology and entrepreneurial spirit, a Questionnaire Survey (QS) is designed to investigate the entrepreneurial values of students in one university in Shaanxi Province, China. The QS analysis suggests that most respondents hold a positive attitude, and their attitude is on the rise. The QS results of “Reasons for entrepreneurial failure” show that 40.37, 31.9, 25.98, and 11.75% of respondents think they lack financial support, business skills, ability, and understanding of policies and laws, respectively. The QS results of “What factors influence entrepreneurial values?” reveal that 39.43% of the respondents chose the “Models of successful entrepreneurs,” successful entrepreneur models can effectively encourage students to receive entrepreneurship education, followed by 28.94% who choose “Achieve their own life goals.” In terms of “Solutions against entrepreneurial risks,” nearly 70% of the students have chosen the negative options. In terms of “Which is the most important entrepreneurial quality?” more students choose entrepreneurial values rather than entrepreneurial quality, proving that students generally lack entrepreneurial values. Given these problems, corresponding countermeasures are put forward to strengthen entrepreneurial psychology and entrepreneurship education, in an attempt to cultivate college students’ entrepreneurial values and entrepreneurial ability under the new media. The results provide some data support for the impact of college students’ entrepreneurial values and entrepreneurial ability.

scholarly journals An Investigation Of The Relation Between Corporate Governance And Liquidity: Empirical Evidence From France

2015 ◽  
Vol 31 (2) ◽  
pp. 631 ◽  
Author(s):  
Majdi Karmani ◽  
Aymen Ajina ◽  
Rym Boussaada
Keyword(s):  
Corporate Governance ◽  
Best Practices ◽  
Information Asymmetry ◽  
Market Liquidity ◽  
Significant Determinant ◽  
Global Effect ◽  
Stock Liquidity ◽  
Governance Effectiveness ◽  
The Impact ◽  
Effective Spread

This study investigates the impact of corporate governance effectiveness on the market stock liquidity. It is innovative, since we study, on an order driven market, the global effect of corporate governance and the effect of specific governance sub-indexes. Drawing on a sample of 287 French firms from 2007 to 2012, we find that corporate governance is a significant determinant of stock liquidity. Indeed, companies with an effective corporate governance have a narrower spreads. Thats mean that corporate governance may alleviate information asymmetry and improve the market stock liquidity of French companies. Our results are remarkably robust to other set of measures of liquidity as the effective spread measure and illiquidity ratio. These results suggest that firms may improve stock market liquidity by adopting best practices of corporate governance that mitigate informational asymmetries.

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