Peran Accounting Information Bagi Investor Islami

Investor Sentiment and Use of Accounting Information

This paper relies on the characteristics of different earnings components to show that sentiment affects both investors’ judgments of expected cash flows and their risk preferences. As suggested in psychology theories, those two effects of sentiment work against each other in the valuation model-optimistic (pessimistic) cash flow judgments come with high (low) discount rates during high (low) s...

Investor Competition over Information and Stock Returns

Drawing upon recent research on the governance effect of information competition among informed investors, we hypothesize a cross-sectional variation in future stock returns that is conditional on information competition. Measuring competition using the concentration of institutional ownership, we show one-quarter-ahead and one-year-ahead returns are increasing in the intensity of information c...

The Relaxed Investor with Partial Information

We consider an investor in a financial market consisting of a riskless bond and several risky assets. The price processes of the risky assets are geometric Brownian motions where either the drifts are modelled as random variables assuming a constant volatility matrix or the volatility matrix is considered random and drifts are assumed to be constant. The investor is only able to observe the ass...

Investor Uncertainty and Order Flow Information

This paper proposes an alternative explanation for the price impact of trades created by information that is carried in the order ßow. Unlike models that consider information asymmetry about the future cash ßows (or liquidation value) of the asset, the approach here postulates uncertainty about the distribution of preferences and endowments of investors. This “investor uncertainty” results in p...

Information Security Management Accounting