Transparency and Liquidity Uncertainty in Crisis Periods

By Mark H. Lang, Mark Maffett. 2011

322 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/05cf9e5be6d0e70c1932f61fa8e21a8ada4ac1a7

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Citations in the corpus

The effect of information quality on liquidity risk (2011, unknown): “The next two covariations are the types of liquidity risk that Lang and Maffett (2010) investigate.”
The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research (2015, methodology): “This overview complements prior surveys of the empirical disclosure literature (e.g., Healy and Palepu, 2001; Core, 2001; Beyer et al., 2010; Lang and Maffett, 2011).”
Retail Investor Attention and Stock Liquidity (2015, unknown): “SD(ILLIQ) is the monthly standard deviation of ILLIQ (Lang and Maffett, 2011).”
Information Environment and the Investment Decisions of Multinational Corporations (2013, methodology): “Following prior literature, we use the magnitude of accruals relative to the magnitude of cash flows as a proxy for earnings management (Leuz et al., 2003; Barth et al., 2008; Lang and Maffett, 2011; Hope et al., 2012).”
Thoughts on Financial Accounting and the Banking Industry (2014, unknown): “Further, Lang and Maffett (2011) empirically document that non-financial firms with lower transparency suffer greater increases in illiquidity risk during crisis periods.”
Relationship-Specificity, Contract Enforceability, and Income Smoothing (2013, methodology): “’s (2003) Alternative Measure of Legal Quality (3) Leuz et al.’s (2003) Cluster 3 Indicator as WEAK (4) Nunn’s (2007) Alternative Measure of RELSPEC (5) Lang and Maffett’s (2011) Decomposition of ISAGG (6) FirmLevel Analysis (7)”
Financial Reporting Opacity and Informed Trading by International Institutional Investors (2012, background): “However, a large prior literature (see Lang and Maffett, 2011b, for a review) suggests that the quality of a country’s governance and disclosure regulation can significantly affect the availability of financial reporting information.”
Are CSR Disclosures Value Relevant? Cross-Country Evidence (2013, background): “Further, additional disclosures can reduce estimation risk as investors will be better able to estimate the parameters of firms’ underlying cash flows (e.g. Lang & Maffett, 2011).”
Informational Content and Assurance of Textual Disclosures: Evidence on Integrated Reporting (2019, unknown): “First, we use the Tobin’s Q as a proxy for firm value, as it reflects the market’s valuation of a firm’s assets relative to their carrying amounts (Lang & Maffett, 2011) and not simply the carrying amount of its assets that would not reflect intellectual, human, social, and natural capitals.”
Stock trend forecasting in turbulent market periods using neuro-fuzzy systems (2015, background): “Generally, the impact of any crisis on stock markets worldwide is apparent (Lang and Maffett 2011); most case studies and theories are accepting the fact that ‘crisis infection’ exists, it is real, and the results are felt worldwide.”
R2 and Idiosyncratic Risk are not Interchangeable (2014, methodology): “…and O’Hara 2002); SPREAD, bid-ask spread; DELAY, the price delay measure (Hou and Moskowitz 2005; Callen, Khan, and Lu 2013); ILLIQ, illiquidity measure (Amihud 2002); LIQVOL, volatility of the Amihud (2002) liquidity measure, as used in Lang and Maffett (2011); and ZRDAYS, zero return days.”
Delayed Expected Loss Recognition and the Risk Profile of Banks: delayed loss recognition and the risk profile of banks (2015, unknown): “Focusing on crisis periods and utilizing an international setting, Lang and Maffett (2011) document that firms with greater transparency experience less liquidity volatility, fewer extreme illiquidity events and lower correlations between firm-level liquidity and both market liquidity and market ret”