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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:24017
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。
curse and a firm has to underprice its securities to ensure the participation of uninformed investors in the offering.8 Next, there are theories that provide a direct link between disclosure and the cost of capital (or firm value), without Reference to market liquidity (and adverse selection costs). For example, Merton (1987) develops a model where (some) investors have incomplete information and are not aware of all firms in the economy. As a result, risk sharing is incomplete and inefficient. Disclosures by these lesser known firms can make investors aware of their existence and enlarge the investor base, which in turn improves risk sharing and lowers the cost of capital. This effect is likely to be less relevant to large firms with a substantial analyst and investor following. Moreover, the investor base effect is susceptible to arbitrage if some investors know which of the stocks are not known by all investors (Merton, 1987; Easley and O‟Hara, 2004). A direct link between disclosure and the cost of capital can also arise from estimation risk (e.g., Brown, 1979; Barry and Brown, 1984 and 1985; Coles, 1988). Estimation risk arises because parameters such as a firm‟s beta factor must be estimated (e.g., based on historical stock returns). For example, Barry and Brown (1985) and Coles et al. (1995) consider an information environment where some firms have longer time-series of returns than others. They find that, in this environment of asymmetric parameter uncertainty, securities with long time-series of returns have lower betas and expected returns than they would without estimation risk. However, they are unable to unambiguously sign the effect for securities with short time-series of returns. Aside from a relatively narrow representation of information, these studies do not provide comparisons across high- and low-information firms in a world with asymmetric parameter uncertainty and hence do not address the question of how firm-specific disclosures can influence
betas or expected returns. Moreover, it is not clear that parameter uncertainty for individual firms survives the forces of diversification (e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。