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| 2. |
- Chang, Yen-Cheng, et al.
(författare)
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Do Corporate Disclosures Constrain Strategic Analyst Behavior?
- 2023
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Ingår i: Review of Financial Studies. - : Oxford Univ Press. - 1465-7368 .- 0893-9454. ; 36:8, s. 3163-3212
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Tidskriftsartikel (refereegranskat)abstract
- We show that analyst behavior changes in response to a randomly assigned shock that exogenously varies the timeliness and cost of accessing mandatory disclosures in the cross-section of investors: analysts reduce coverage and issue less optimistic, more accurate, less bold, and less informative forecasts. Our evidence indicates that analysts reduce a strategic component of their behavior: the changes are stronger among analysts with more strategic incentives like affiliated or retail-focused analysts. We conclude that mandatory disclosure can substitute for analyst information production, which is constrained by investors' ability to verify forecasts using corporate filings.
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| 3. |
- Chang, Yen-Cheng, et al.
(författare)
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Testing Disagreement Models
- 2020
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- We provide plausibly identified evidence for the role of investor disagreement in asset pricing. Our natural experiment exploits the staggered implementation of EDGAR, which induces a reduction in investor disagreement with no accompanying changes in company fundamentals, disclosure quality, or earnings management. The reduction in disagreement leads to lower stock price crash risk. The effect is more pronounced for stocks with binding short-sale constraints and high investor optimism. The reduction in disagreement also leads to higher subsequent returns. Our results provide evidence consistent with models of investor disagreement.
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| 4. |
- Chang, Yen-Cheng, et al.
(författare)
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Testing Disagreement Models
- 2022
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Ingår i: Journal of Finance. - : Wiley-Blackwell. - 1540-6261 .- 0022-1082. ; 77:4, s. 2239-2285
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Tidskriftsartikel (refereegranskat)abstract
- We provide plausibly identified evidence for the role of investor disagreement in asset pricing. Our natural experiment exploits the staggered implementation of the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, which induces a reduction in investor disagreement. Consistent with models of investor disagreement, EDGAR inclusion helps resolve disagreement around information events, leading to stock price corrections. The reduction in disagreement following EDGAR inclusion also reduces stock price crash risk, especially among stocks with binding short-sale constraints and high investor optimism.
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| 5. |
- Cullinane, Kevin, et al.
(författare)
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Estimation of Container Ship Emissions at Berth in Taiwan
- 2016
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Ingår i: International Journal of Sustainable Transportation. - : Informa UK Limited. - 1556-8318 .- 1556-8334. ; 10:5, s. 466-474
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Tidskriftsartikel (refereegranskat)abstract
- This study uses a bottom-up activity-based model to estimate atmospheric emissions released from containerships at berth during the year 2012 in the three largest Taiwanese container ports: Kaohsiung, Keelung, and Taichung. The results produced indicate that containerships are responsible for a significant amount of airborne emissions in ports. Kaohsiung is found to contribute approximately 58.65% of the emissions from all types of atmospheric pollution across all three ports. However, emissions per container handled in the port were found to be the lowest in comparison to the other two ports in the study. Potential abatement and mitigation strategies to avoid or reduce these emissions are then analyzed in the light of the results obtained.
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| 7. |
- Tseng, Kevin, et al.
(författare)
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Do Corporate Disclosures Constrain Strategic Analyst Behavior?
- 2020
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Ingår i: SSRN Electronic Journal. - Stockholm, Sweden : Swedish House of Finance. - 1556-5068.
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- We show that U.S. analysts alter their forecasting behavior in response to a randomly assigned shock that exogenously varies the timeliness and cost of accessing companies' mandatory disclosures in the cross-section of investors: analysts reduce the number of stocks they cover, issue less optimistic and more accurate forecasts that are less bold, and collectively reduce forecast dispersion. Our investigation of possible channels favors the explanation that analysts reduce the strategic component of their behavior: the changes are more pronounced among analysts with stronger incentives to strategically skew their forecasts, such as affiliated analysts and those catering to retail investors. We conclude that mandatory disclosure is a substitute for information production by analysts, whose behavior is constrained by investors' ability to verify their forecasts using corporate filings.
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| 8. |
- Tseng, P. H., et al.
(författare)
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Key criteria influencing the choice of Arctic shipping: a fuzzy analytic hierarchy process model
- 2018
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Ingår i: Maritime Policy & Management. - : Informa UK Limited. - 0308-8839 .- 1464-5254. ; 45:4, s. 422-438
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Tidskriftsartikel (refereegranskat)abstract
- As Arctic sea ice shrinks due to global warming, the Northern Sea Route (NSR) and the Northwest Passage (NWP) offer a substantial reduction in shipping distance between Asia and the European and North American continents, respectively, when compared to conventional routes through the Suez and Panama Canals. However, Arctic shipping routes have many problems associated with their use. The main objective of this paper is to identify the key criteria that influence the decisions of shipping operators with respect to using Arctic shipping routes. A multi-criteria decision-making methodology, the Fuzzy Analytic Hierarchy Process, is applied to rank four potential categories of criteria (economic', technical', political' and safety' factors) and their sub-criteria.The results of the analysis suggest that, on aggregate, economic' is the most important category of influential factors, followed by safety', technical' and political' factors. The paper concludes, however, that the most influential specific sub-criteria relate to risks that lie mainly within the safety' and political' domains and that, especially in combination, these overwhelm the importance which is attached to economic' factors such as reduced fuel use. Finally, the implications of these findings for the future development of Arctic shipping are addressed at a strategic level.
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