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We study narrative investment-risk disclosure, applying computational linguistic analysis to the qualitative discussions of risk throughout 10-K filings. Our sample covers the real estate investment trust (REIT) sector, where firms rely heavily on external capital sources to fund new investment. Using granular investment data from a source that is independent from annual filings, we document a positive relation between changes to investment-risk disclosure and changes to actual investment. Such linkage previously evades the disclosure-informativeness literature, but is feasible in our study based on data advantages to the REIT sector. Changes to risk disclosure do not appear to increase simply the perception of risk among investors. Unlike evidence from the broader market, we find no significant relation to the volatility of stock returns or the volatility of analyst forecast revisions following the filing. Instead, changes to investment-risk disclosure appear informative as they are followed by a pronounced enhancement to market liquidity. The average increase in post-filing trading volume for firms that increase acquisitions is 8%, conditional on a top-tercile increase to investment-risk disclosure; or 0%, when disclosure is non-increasing.
Dongshin Kim; Dongkuk Lim; Jonathan A. Wiley. Narrative Investment-Risk Disclosure & REIT Investment. The Journal of Real Estate Finance and Economics 2021, 1 -26.
AMA StyleDongshin Kim, Dongkuk Lim, Jonathan A. Wiley. Narrative Investment-Risk Disclosure & REIT Investment. The Journal of Real Estate Finance and Economics. 2021; ():1-26.
Chicago/Turabian StyleDongshin Kim; Dongkuk Lim; Jonathan A. Wiley. 2021. "Narrative Investment-Risk Disclosure & REIT Investment." The Journal of Real Estate Finance and Economics , no. : 1-26.
Volunteering has taken on growing significance as a benefit to society and in initiatives to promote sustainability; it is therefore important to understand the factors driving its success. One increasingly studied variable with a positive effect on volunteer behavior and retention is organization identification. The antecedents influencing the organization identification variable, however, have not yet been explored in the volunteer literature. We address this gap by implementing a survey among volunteers at the OUR HOUSE Grief Support Center in Los Angeles and analyzing results via simple and multivariate linear regression analyses. Specifically, we investigate whether or not communication factors affect both organization identification and volunteer intention to continue. We find that specific communication factors, including a relationship with one’s supervisor, internal communication, and external social media postings significantly increase the level of organization identification and retention. Our findings are consistent with the theories of leader-member exchange and absorption capacity. Practitioners and nonprofits can improve the organizational environment of volunteers by optimizing these communication practices.
Steven Bauer; Dongkuk Lim. Effect of Communication Practices on Volunteer Organization Identification and Retention. Sustainability 2019, 11, 2467 .
AMA StyleSteven Bauer, Dongkuk Lim. Effect of Communication Practices on Volunteer Organization Identification and Retention. Sustainability. 2019; 11 (9):2467.
Chicago/Turabian StyleSteven Bauer; Dongkuk Lim. 2019. "Effect of Communication Practices on Volunteer Organization Identification and Retention." Sustainability 11, no. 9: 2467.
This study examines whether certain firm characteristics, specifically growth properties, are associated with the likelihood of achieving market expectations for revenues, as well as which mechanism (revenue manipulation or expectation management) growth firms utilize in order to avoid missing these expectations. The results show that growth firms are more likely to meet or exceed analyst revenue forecasts than non-growth firms. We also find that growth firms are more inclined to manipulate their reported revenues upwards, and less inclined to guide market expectations for revenues downward, in order to meet or beat expected revenues relative to non-growth firms. These findings suggest that window-dressing activities by growth firms may not be sustainable in the long-run and can misguide users of financial statements in their decision-making.
Dong Hyun Son; Dongkuk Lim. Achieving Revenue Benchmarks Conditional on Growth Properties. Sustainability 2017, 9, 908 .
AMA StyleDong Hyun Son, Dongkuk Lim. Achieving Revenue Benchmarks Conditional on Growth Properties. Sustainability. 2017; 9 (6):908.
Chicago/Turabian StyleDong Hyun Son; Dongkuk Lim. 2017. "Achieving Revenue Benchmarks Conditional on Growth Properties." Sustainability 9, no. 6: 908.