La divulgación de información previsional y la reputación corporativa como mecanismos para reducir la volatilidad de las acciones
Forward-looking disclosure and corporate reputation as mechanisms to reduce stock return volatility
Resumen
El objetivo de este trabajo es investigar si la divulgación de información previsional y la reputación corporativa llevan a una reducción de la volatilidad de las acciones. La información previsional financiera es medida mediante un análisis del contenido de los informes anuales de una muestra de empresas estadounidenses. Puesto que cada informe anual fue examinado y codificado manualmente, la muestra se limita a las empresas que aparecen en Standard and Poor's 100. Los resultados muestran que la divulgación de información previsional financiera tiene efectos significativos en los mercados de capitales. El trabajo contribuye a la literatura existente, examinando la relación entre la divulgación de información previsional financiera y la volatilidad de las acciones. Dado que la volatilidad de las acciones se asocia a la existencia de asimetrías informativas y a un mayor riesgo de las empresas, los resultados tienen implicaciones directas para empresas y reguladores respecto a la importancia de las estrategias específicas de divulgación de información previsional. Adicionalmente, la información previsional divulgada por las empresas más reputadas tiene un mayor efecto en la volatilidad de las acciones. Este es el primer estudio que demuestra que la reputación corporativa modera los efectos de la información previsional en los mercados de capitales. La interpretación y la efectividad de la información previsional no depende sólo del nivel de divulgación, sino también de la reputación de una empresa.
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