At the TAF Research Seminar, on November 14, 2017 in room Q0.425 Assistant Prof. Edwige Cheynel (Rady School of Management University of California San Diego) presented her paper:
'Estimating the marginal cost of manipulation'
Edwige Cheynel is from the Rady School of Management in San Diego and her primary area of research is exploring the relationship between disclosure, financial markets and the cost of capital. She has approached the question of disclosure and the cost of capital from three avenues, all of which involve understanding a firm’s disclosure as a choice that it makes. The first avenue specifically focuses on the problem of firms raising capital for the purpose of investment decisions and how these investment decisions are related to the disclosure. The second avenue focuses on the disclosure as a choice made by both a standard-setting body and firms. The third avenue looks specifically at how characteristics of the market environment (both financial or product market) may determine the type of disclosures that are made.
Cheynel received the William Larimer Mellon Fellowship from Carnegie Mellon University in 2004-2007 and the Alexander Henderson Award for Excellence in Economic Theory from Tepper Business School, Carnegie Mellon University in 2010. She has published in the top journals in accounting, such as The Review of Accounting Studies, The Journal of Accounting Research and The Accounting Review.
Cheynel earned an M.S. from the HEC School of Management in 2002 and a M.S. from Carnegie Mellon University in 2006. In 2010, Cheynel earned a Ph.D. from Carnegie Mellon University.
Publications and working papers:
Analysts' Sale and Distribution of Non-Fundamental Information (joint with Carolyn B. Levine), Review of Accounting Studies, 2012, Volume 17, Number 2, Pages 352-388.
A Theory of Voluntary Disclosures and Cost of Capital, Review of Accounting Studies, 2013, Volume 18, No. 4.
The Positive Theory of Disclosure Regulation: In Search of Institutional Foundations (joint with Jeremy Bertomeu), The Accounting Review, 2013, Vol. 88, No. 3, pp. 789-824.
Disclosure and the Cost of Capital: A Survey of the Theoretical Literature. Book chapter joint with Jeremy Bertomeu, Routledge Companion to Accounting Theory, edited by Stewart Jones. Reprinted in Abacus, 52(2): 221-258, June 2016.
Asset Measurement with Imperfect Credit Markets (joint with Jeremy Bertomeu), Journal of Accounting Research, 2015, Vol. 53, No 5, pp. 965–984.
A Theory of the Financial Accelerator (joint with Jeremy Bertomeu).
Public Disclosures and Information Asymmetries: A Theory of the Mosaic (joint with Carolyn B. Levine).
On Market Concentration and Disclosure (joint with Amir Ziv).
Structural Estimation of Disclosure Theory (joint with Michelle Liu-Watts).
Are the Fama French Factors treated as Risk? Evidence from CEO compensation (joint with Jeremy Bertomeu and Michelle Liu-Watts).
Estimating the marginal cost of manipulation (joint with Jeremy Bertomeu, Edward Li and Ying Liang).
Work in Progress:
Disclose now or never, but never later (joint with Amir Ziv).