Changes in the Information Landscape and Capital Market Communication Defended on Thursday, 4 November 2021

Companies operate in a constantly changing environment that is shaped by technological innovations, regulatory initiatives and events that are outside of management’s direct control. Not only is it crucial to understand how these developments and events directly affect the availability and transparency of information, but it is also important to examine what behavioral forces drive investor-manager communications. Isolating and explaining these forces can shed light on some surprising capital market findings, such as why even conscientious managers manage earnings (Chapter 2), why investor protection initiatives do not achieve the desired benefits (Chapter 3) or why disclosures might induce rather than resolve disagreement among investors (Chapter 4). Taken together, the three studies of this dissertation illustrate how developments in companies’ information landscape can have a profound impact on preparers of financial statements and their intended users.


experimental economics, investor judgment and decision making, public scrutiny, transaction costs, investor disagreement, MiFID II, company identification, management credibility

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