期刊
JOURNAL OF ACCOUNTING & ECONOMICS
卷 55, 期 2-3, 页码 206-224出版社
ELSEVIER
DOI: 10.1016/j.jacceco.2013.01.004
关键词
Cost of capital; Earnings transparency
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.
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