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论文作者:meisishow论文属性:硕士毕业论文 thesis登出时间:2014-06-27编辑:meisishow点击率:24014
论文字数:8833论文编号:org201406271128177359语种:英语 English地区:美国价格:免费论文
关键词:Accounting, Asymmetric information, Capital markets, Institutional economics
摘要:本文调查的理论和实证文献的经济后果,财务报告和信息披露的监管。我们整合的理论和实证研究从会计、经济、金融和法律,以促进这些领域的异花受精。我们提供了一个组织框架,确定了公司特有的(微观层面)和市场整体(宏观层面)的公司的报告和信息披露的成本与收益的活动,我们的调查突显出重要的悬而未决的问题和总结众多未来研究的建议。
Firm-Specific Benefits of Corporate Disclosures Current theories typically focus on direct capital market outcomes of firms‟ disclosure
activities. These market outcomes include liquidity, cost of capital and firm valuation.5 Arguably, the firm-specific benefit of disclosure best supported by theory is the effect on market liquidity (see also, Verrecchia, 2001). At its core is the insight that information asymmetries among investors introduce adverse selection into share markets. Uninformed or less informed investors have to worry about trading with privately or better informed investors.6 As a result, uninformed investors lower (increase) the price at which they are willing to buy (sell) to protect against the losses from trading with an informed counterparties. The price adjustment reflects the
probability of trading with informed traders and the potential information advantage of these investors. This form of price protection when buying or selling shares introduces a bid-ask spread into secondary share markets.7 Similarly, information asymmetry and adverse selection reduce the number of shares that uninformed investors are willing to trade. Both effects reduce the liquidity of share markets, i.e., the ability of investors to quickly buy or sell shares at low cost and with little price impact. Corporate disclosure can mitigate the adverse selection problem and increase market liquidity by leveling the playing field among investors (Verrecchia, 2001). Its effect is two-fold. First, more information in the public domain makes it harder and more costly for traders to become privately informed. As a result, fewer investors are likely to be privately informed,
Other potential observable outcomes of firms‟ disclosure activities include changes in analyst following and institutional holdings. However, these outcomes are often viewed as indirect measures of access to low cost sources of capital. 6 In essence, an uninformed investor fears that an informed investor is willing to sell (buy) at the market price only because the price is currently too high (too low) relative to the information possessed by the informed trader (e.g., Glosten and Milgrom, 1985). 7 If the counter party is informed with probability one, the market breaks down analogous t o the “market for lemons” in Akerlof (1970)
which reduces the probability of trading with a better informed counter party. Second, more disclosure reduces the uncertainty about firm value, which in turn reduces the potential information advantage that an informed trader might have. Both effects reduce the extent to which uninformed investors need to price protect and hence increase market liquidity. An important question is whether and how these effects map into firm value or the cost of capital. Illiquidity and bid-ask spreads essentially impose (out-of-pocket) trading costs on
investors, for which investors need to be compensated in equilibrium. Thus, the required rate of return of a security increases by its per-period transaction costs (e.g., Constantinides, 1986; Amihud and Mendelson, 1986)本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。