监管成本(Monitoring Costs)就是管理层要定期开董事会(BOD, Board of Director)、制作年报(Annual report)来给股东们看。 约束成本(Bonding Costs)就是股东要想办法让管理层为自己的利益来给公司干活,包括制定竞业禁止条款(non-compete employment contracts)、股权激励计划(insurance to guarantee performance)等。 管理...
Using a large panel of U.S. public firms, we examine the relation between annual report readability and cost of equity capital. We hypothesize that complex textual reporting deters investors' ability to process and interpret annual reports, leading to higher information risk, and thus higher cost...
Annual Reports Annual Report 2023 11.47 MB Annual Report 2022 17.62 MB Annual Report 2021 11.73 MB Annual Report 2020 7.17 MB Annual Report 2019 9.24 MB Annual Report 2018 10.31 MB Annual Report 2017 8.20 MB Annual Report 2016 4.53 MB Annual Report 2015 3.81 MB Annual Report 201...
The Annual Report 2020 will be made available as a download on the Investor Relations pages of the MPC Capital website:https://www.mpc-capital.com/shareholders/publications About MPC Capital AG (www.mpc-capital.com) MPC Capital AG is an internationally active asset and investment manager special...
Fiera Capital Corporation is an independent asset management firm with a growing global presence and approximately C$158.9 billion in AUM as at June 30, 2024. We deliver customized multi-asset solutions across public and private market asset classes to i
Using a computer-generated word-count-based index of the level of disclosure in U.K. annual report narratives, we document a negative relation with the cost of equity capital at low levels of disclosure, and a positive relation at higher levels of disclosure, together implying the presence of...
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This work analyzes the voluntary information of the Spanish companies about the intangible, impacting in the place that they occupy inside the Annual Report. The main conclusion of the investigation is that the companies offer the voluntary information that more it interests them for their own ...
An episode is also considered to finish abruptly if its end coincides with a currency crisis, that is, with a steep depreciation of the exchange rate. Data Sources: IMF, Annual Report on Exchange Arrangements and Exchange Restrictions; and IMF staff calculations. 8.3 Microeconomic implications of ...