دانلود مقاله ISI انگلیسی شماره 80631
ترجمه فارسی عنوان مقاله

عدم قطعیت شفافیت و نقدینگی در دوره بحران

عنوان انگلیسی
Transparency and liquidity uncertainty in crisis periods ☆
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
80631 2011 25 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Accounting and Economics, Volume 52, Issues 2–3, November 2011, Pages 101–125

ترجمه کلمات کلیدی
نقدینگی؛ شفافیت؛ بحران مالی؛ مشترک؛ حسابداری بین المللی
کلمات کلیدی انگلیسی
G01; G15; G30Liquidity; Transparency; Financial crises; Commonality; International accounting
پیش نمایش مقاله
پیش نمایش مقاله  عدم قطعیت شفافیت و نقدینگی در دوره بحران

چکیده انگلیسی

We document, for a global sample, that firms with greater transparency (based on accounting standards, auditor choice, earnings management, analyst following and forecast accuracy) experience less liquidity volatility, fewer extreme illiquidity events and lower correlations between firm-level liquidity and both market liquidity and market returns. Results are robust to numerous sensitivity analyses, including controls for endogeneity and propensity matching. Results are particularly pronounced during crises, when liquidity variances, covariances and extreme illiquidity events increase substantially, but less so for transparent firms. Finally, liquidity variance, covariance and the frequency of extreme illiquidity events are all negatively correlated with Tobin's Q.