Cost of capital and earnings transparency

被引：196

作者：

Barth, Mary E. ^{[1
]}

Konchitchki, Yaniv ^{[2
]}

Landsman, Wayne R. ^{[3
]}

机构：

[1] Stanford Univ, Grad Sch Business, Stanford, CA 94305 USA

[2] Univ Calif Berkeley, Haas Sch Business, Berkeley, CA 94720 USA

[3] Univ N Carolina, Kenan Flagler Business Sch, Chapel Hill, NC 27599 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2013年 / 55卷 / 2-3期

关键词：

Cost of capital; Earnings transparency; ACCOUNTING INFORMATION; ECONOMIC CONSEQUENCES; DISCLOSURE LEVEL; CROSS-SECTION; IMPLIED COST; EQUITY; RETURNS; RISK; ACCRUALS; QUALITY;

D O I：

10.1016/j.jacceco.2013.01.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We provide evidence that firms with more transparent earnings enjoy a lower cost of capital. We base our earnings transparency measure on the extent to which earnings and change in earnings covary contemporaneously with returns. We find a significant negative relation between our transparency measure and subsequent excess and portfolio mean returns, and expected cost of capital, even after controlling for previously documented determinants of cost of capital. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：206 / 224

页数：19

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