In a 2016 comment letter, the SEC summarizes the ongoing debate regarding the
usefulness of market risk disclosures and calls for additional discussion (SEC Concept
Release 2016). In response to the SEC’s call, I investigate whether investors and firms
benefit from market risk disclosures. Prior literature suggests that informative corporate
disclosure is associated with improved liquidity and investment efficiency. I find that
informative textual contents of market risk disclosures improve investors’ information
environment, and as a result, are associated with higher liquidity level, lower liquidity
uncertainty, and improved investment efficiency. My study is relevant to the ongoing
debate regarding the usefulness of market risk disclosures, calls for more detailed
regulatory guidance for market risk disclosures, and contributes to the literature on
liquidity, investment efficiency, and risk factor disclosures. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2018. / FAU Electronic Theses and Dissertations Collection
| Identifer | oai:union.ndltd.org:fau.edu/oai:fau.digital.flvc.org:fau_40826 |
| Contributors | Luo, Xin (author), Kohlbeck, Mark (Thesis advisor), Florida Atlantic University (Degree grantor), College of Business, School of Accounting |
| Publisher | Florida Atlantic University |
| Source Sets | Florida Atlantic University |
| Language | English |
| Detected Language | English |
| Type | Electronic Thesis or Dissertation, Text |
| Format | 107 p., application/pdf |
| Rights | Copyright © is held by the author, with permission granted to Florida Atlantic University to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder., http://rightsstatements.org/vocab/InC/1.0/ |
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