The Relationship between Derivatives Disclosures and Investors’Risk Judgements

碩士 === 輔仁大學 === 會計學系碩士班 === 95 === Although disclosure of information about financial instruments and derivatives could help investor judge risk, some researches, however, indicate that such kind of information can't really achieve the objective. For this reason, this research used experiments...

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Main Authors: Wen-Ya Chung, 鍾文雅
Other Authors: Dr.Chi-Ynn Hua
Format: Others
Language:zh-TW
Online Access:http://ndltd.ncl.edu.tw/handle/46304911081696366929
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spelling ndltd-TW-094FJU003850292015-10-13T18:10:21Z http://ndltd.ncl.edu.tw/handle/46304911081696366929 The Relationship between Derivatives Disclosures and Investors’Risk Judgements 衍生性金融商品揭露方式與投資人風險判斷之關聯性研究 Wen-Ya Chung 鍾文雅 碩士 輔仁大學 會計學系碩士班 95 Although disclosure of information about financial instruments and derivatives could help investor judge risk, some researches, however, indicate that such kind of information can't really achieve the objective. For this reason, this research used experiments to explore the problem and try to propose an amendment to the disclosure approach. In the result of the first experiment, we found that investor giving the explanation of the disclosed information depends on the types of and using purpose of financial instruments firms bought, For instance, investors won't consider real economic meanings of the derivatives when managers use it for risk hedge. Investors only care about how much existing risk the derivatives can offset. In advance, we add description of what fair value risk is and what cash flow risk is. The results indicate the kind of information couldn't have incremental information contents. In the second experiment, we add additional exposure position (potential gain and loss) information. In this section, we try to figure out whether informing investor of the strategy for risk management, and increasing the transparency of disclosures will influence investors thinking. We find that investors have different risk judgement for the information and investors are more sensitive to the bad news which potential loss greater than potential gain. Thus, in the related amendment, we suggest government should require companies disclosing both potential gain and loss. Dr.Chi-Ynn Hua 華琪筠 博士 學位論文 ; thesis 47 zh-TW
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description 碩士 === 輔仁大學 === 會計學系碩士班 === 95 === Although disclosure of information about financial instruments and derivatives could help investor judge risk, some researches, however, indicate that such kind of information can't really achieve the objective. For this reason, this research used experiments to explore the problem and try to propose an amendment to the disclosure approach. In the result of the first experiment, we found that investor giving the explanation of the disclosed information depends on the types of and using purpose of financial instruments firms bought, For instance, investors won't consider real economic meanings of the derivatives when managers use it for risk hedge. Investors only care about how much existing risk the derivatives can offset. In advance, we add description of what fair value risk is and what cash flow risk is. The results indicate the kind of information couldn't have incremental information contents. In the second experiment, we add additional exposure position (potential gain and loss) information. In this section, we try to figure out whether informing investor of the strategy for risk management, and increasing the transparency of disclosures will influence investors thinking. We find that investors have different risk judgement for the information and investors are more sensitive to the bad news which potential loss greater than potential gain. Thus, in the related amendment, we suggest government should require companies disclosing both potential gain and loss.
author2 Dr.Chi-Ynn Hua
author_facet Dr.Chi-Ynn Hua
Wen-Ya Chung
鍾文雅
author Wen-Ya Chung
鍾文雅
spellingShingle Wen-Ya Chung
鍾文雅
The Relationship between Derivatives Disclosures and Investors’Risk Judgements
author_sort Wen-Ya Chung
title The Relationship between Derivatives Disclosures and Investors’Risk Judgements
title_short The Relationship between Derivatives Disclosures and Investors’Risk Judgements
title_full The Relationship between Derivatives Disclosures and Investors’Risk Judgements
title_fullStr The Relationship between Derivatives Disclosures and Investors’Risk Judgements
title_full_unstemmed The Relationship between Derivatives Disclosures and Investors’Risk Judgements
title_sort relationship between derivatives disclosures and investors’risk judgements
url http://ndltd.ncl.edu.tw/handle/46304911081696366929
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