Do investors value disclosed versus recognised employee share options differently? Ang, Hong Nee and Pinnuck, Matthew 2010, Do investors value disclosed versus recognised employee share options differently?, in AFAANZ 2010 : Accounting and Finance Association of Australia and New Zealand Annual Conference, AFAANZ, [Christchurch, New Zealand], pp. 1-40. Attached Files Name Description MIMEType Size Downloads Title Do investors value disclosed versus recognised employee share options differently? Author(s) Ang, Hong Nee Pinnuck, Matthew Conference name Accounting and Finance Association of Australia and New Zealand. Conference (2010 : Christchurch, New Zealand) Conference location Christchurch, New Zealand Conference dates 4-6 July 2010 Title of proceedings AFAANZ 2010 : Accounting and Finance Association of Australia and New Zealand Annual Conference Editor(s) [Unknown] Publication date 2010 Conference series Accounting and Finance Association of Australia and New Zealand Conference Start page 1 End page 40 Publisher AFAANZ Place of publication [Christchurch, New Zealand] Keyword(s) disclosure versus recognition employee share options market valuation reliability of accounting information sophistication of investors salience of disclosure Summary Prior research provides evidence consistent with footnote disclosures are being valued by investors. However, there are arguments as to whether the market would acquire and/or process disclosed versus recognised information in the same way. Prior studies have been inconclusive on the findings. This research provides evidence for the conditions under which differential valuation exist. Three factors are examined. First, I investigate whether the differential valuation is related to the reliability of the accounting estimates. Second, due to higher processing costs on disclosures relative to “recognised” information, I investigate whether sophistication of investors contributes to the differential valuation. Finally, I examine systematic biases arisen from how investors process information due to limited attention paid to disclosures. The results show that the market does process information in a complicated way. Investors discern the reliability of accounting estimates and value them differently when processing the information. Language eng Field of Research 150199 Accounting, Auditing and Accountability not elsewhere classified Socio Economic Objective 970114 Expanding Knowledge in Economics HERDC Research category E1.1 Full written paper - refereed Copyright notice ©2010, AFAANZ Persistent URL http://hdl.handle.net/10536/DRO/DU:30035841 Document type: Conference Paper Collection: School of Accounting, Economics and Finance Related Links Link Description Connect to published version Go to link with your DU access privileges     Unless expressly stated otherwise, the copyright for items in DRO is owned by the author, with all rights reserved. Versions Version Filter Type Mon, 27 Jun 2011, 10:53:18 EST Mon, 27 Jun 2011, 11:00:30 EST Mon, 27 Jun 2011, 11:02:03 EST Tue, 28 Jun 2011, 08:58:28 EST Fri, 16 Mar 2012, 18:59:34 EST Wed, 14 May 2014, 12:56:20 EST Wed, 14 May 2014, 13:35:59 EST Filtered Full Citation counts:   Cited 0 times in TR Web of Science Cited 0 times in Scopus Search Google Scholar Access Statistics: 315 Abstract Views, 1 File Downloads  -  Detailed Statistics Created: Mon, 27 Jun 2011, 10:53:14 EST by Leanne Swaneveld

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