Essays in Financial Accounting

Jeroen Koenraadt

Research output: Types of ThesisDoctoral ThesisInternal

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Abstract

Disclosure of financial information is essential for the well-functioning of capital markets. However, there exist several market frictions in the supply and demand of disclosure, and the different aspects of the disclosure process, that lead to sub-optimal outcomes. The constantly changing information environment and several recent developments in capital markets highlight the need of understanding the role of financial information and market frictions in the financial information environment in a broader perspective. This dissertation examines three interventions and attempts aimed at resolving market frictions with the goal of improving the financial information environment in different aspects, ultimately benefiting capital markets. Focusing on regulating disclosure to increase transparency, Chapter 2 finds that while introducing disclosure regulation in the nascent crypto token market is perceived to be costly by investors, transparency matters. Next, focusing on enhancing trust in capital markets, Chapter 3 finds, if any, a limited impact of mandating public company audits following the Securities Exchange Act of 1934. Lastly, focusing on the role of new information intermediaries in the information environment and capital markets, Chapter 4 finds that capital markets benefit significantly from the increase in higher quality information available for firms that previously lacked it, after the introduction of specific financial incentives by a information intermediary that focus on increasing information for these firms. In sum, the three studies that form this dissertation build on the understanding of the constantly changing information environment and the role of regulators, gate-keepers and intermediaries in addressing market frictions.
Original languageEnglish
Awarding Institution
  • Erasmus University Rotterdam
Supervisors/Advisors
  • Suijs, Jeroen, Supervisor
  • Leung, Edith, Co-supervisor
Award date25 Nov 2022
Place of PublicationRotterdam
Print ISBNs978-90-5892-647-0
Publication statusPublished - 25 Nov 2022

Series

  • ERIM PhD Series Research in Management

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