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Disclosure Interactions and the Cost of Equity Capital: Evidence From the Spanish Continuous Market
16 references·16 citing·33 second hopsampled
Disclosure Interactions and the Cost of Equity Capital: Evidence From the Spanish Continuous Market (2007)Disclosure Interactions and the Cost of E…Detecting Earnings Management (2012)Detecting Earnings ManagementA Re‐examination of Disclosure Level and the Expected Cost of Equity Capital (2002)A Re‐examination of Disclosur…Toward an Implied Cost of Capital (2001)Toward an Implied Cost of Cap…Equity Premia as Low as Three Percent? Evidence from Analysts' Earnings Forecasts for Domestic and International Stock Markets (2001)Equity Premia as Low as Three…The Economic Consequences of Increased Disclosure (2000)The Economic Consequences of …The changing time-series properties of earnings, cash flows and accruals: Has financial reporting become more conservative? (2000)The changing time-series prop…The Economic Consequences of Increased Disclosure (1999)The Economic Consequences of …Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure* (1999)Stock Performance and Interme…The conservatism principle and the asymmetric timeliness of earnings1 (1997)The conservatism principle an…Industry costs of equity (1997)Industry costs of equityDisclosure level and the cost of equity capital. (1997)Disclosure level and the cost…Earnings, Book Values, and Dividends in Equity Valuation* (1995)Earnings, Book Values, and Di…Detecting Earnings Management. (1995)Detecting Earnings Management.Common risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…Disclosure, Liquidity, and the Cost of Capital (1991)Disclosure, Liquidity, and th…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…ESG controversies and the cost of equity capital of European listed companies: the moderating effects of ESG performance and market securities regulation (2022)ESG controversies and the cos…The financial consequences of human capital disclosure as part of integrated reporting (2021)The financial consequences of…Non-financial information and cost of equity capital: an empirical analysis in the food and beverage industry (2020)Non-financial information and…Does intellectual capital disclosure affect the cost of equity capital? An empirical analysis in the integrated reporting context (2020)Does intellectual capital dis…Impact of carbon emissions on cost of debt-evidence from India (2018)Impact of carbon emissions on…Does the market reward integrated report quality? (2018)Does the market reward integr…Intellectual capital disclosure and corporate market value: does board diversity matter? (2017)Intellectual capital disclosu…The joint effect of investor protection, IFRS and earnings quality on cost of capital: An international study (2016)The joint effect of investor …Signaling Firm Performance Through Corporate Voluntary Disclosure (2015)Signaling Firm Performance Th…Disclosure, ownership structure, earnings announcement lag and cost of equity capital in emerging markets (2015)Disclosure, ownership structu…Disentangling the Effects of Corporate Disclosure on the Cost of Equity Capital (2014)Disentangling the Effects of …The impact of intellectual capital disclosure on cost of equity capital: A case of French firms (2013)The impact of intellectual ca…Meta‐analytic review of disclosure level and cost of equity capital (2012)Meta‐analytic review of discl…Corporate e-disclosure determinants: Evidence from the Brazilian market (2012)Corporate e-disclosure determ…Does graph disclosure bias reduce the cost of equity capital? (2009)Does graph disclosure bias re…Disclosure indices design: does it make a difference? (2009)Disclosure indices design: do…Coefficient Alpha and the Internal Structure of Tests (1951)The Cross-Section of Expected Stock Returns (1992)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)The economic implications of corporate financial reporting (2005)Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting (2010)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)On Persistence in Mutual Fund Performance (1997)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)An Empirical Evaluation of Accounting Income Numbers (1968)Dividend Policy under Asymmetric Information (1985)Positive Accounting Theory (1985)The effect of international institutional factors on properties of accounting earnings (2000)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Dividend Policy, Growth, and the Valuation of Shares (1961)The Theory and Measurement of Business Income (1961)Valuation and Clean Surplus Accounting for Operating and Financial Activities* (1995)Capital markets research in accounting (2001)Does Corporate Social Responsibility Affect the Cost of Capital? (2010)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures (1993)How does financial reporting quality relate to investment efficiency? (2009)Earnings Management During Import Relief Investigations (1991)Accounting earnings and cash flows as measures of firm performance (1994)Debt covenant violation and manipulation of accruals (1994)Earnings management and investor protection: an international comparison (2003)Earnings Management through Real Activities Manipulation (2003)Performance matched discretionary accrual measures (2005)Multifactor Explanations of Asset Pricing Anomalies (1996)Measuring Mutual Fund Performance with Characteristic‐Based Benchmarks (1997)Conditional Skewness in Asset Pricing Tests (2000)
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References

  • 1993Common risk factors in the returns on stocks and bonds26,615 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1995Detecting Earnings Management.6,532 cited
  • 1997Industry costs of equity5,793 cited
  • 1995Earnings, Book Values, and Dividends in Equity Valuation*5,061 cited
  • 1997The conservatism principle and the asymmetric timeliness of earnings13,988 cited
  • 1991Disclosure, Liquidity, and the Cost of Capital3,828 cited
  • 2012Detecting Earnings Management3,821 cited
  • 1997Disclosure level and the cost of equity capital.3,577 cited
  • 2000The Economic Consequences of Increased Disclosure2,369 cited
  • 1999The Economic Consequences of Increased Disclosure2,101 cited
  • 2001Toward an Implied Cost of Capital2,004 cited
  • 1999Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure*1,882 cited
  • 2001Equity Premia as Low as Three Percent? Evidence from Analysts' Earnings Forecasts for Domestic and International Stock Markets1,516 cited
  • 2002A Re‐examination of Disclosure Level and the Expected Cost of Equity Capital1,457 cited

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The changing time-series properties of earnings, cash flows and accruals: Has financial reporting become more conservative?
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Cited by

  • 2020Non-financial information and cost of equity capital: an empirical analysis in the food and beverage industry105 cited
  • 2013The impact of intellectual capital disclosure on cost of equity capital: A case of French firms100 cited
  • 2022ESG controversies and the cost of equity capital of European listed companies: the moderating effects of ESG performance and market securities regulation97 cited
  • 2020Does intellectual capital disclosure affect the cost of equity capital? An empirical analysis in the integrated reporting context93 cited
  • 2016The joint effect of investor protection, IFRS and earnings quality on cost of capital: An international study79 cited
  • 2018Does the market reward integrated report quality?76 cited
  • 2017Intellectual capital disclosure and corporate market value: does board diversity matter?73 cited
  • 2018Impact of carbon emissions on cost of debt-evidence from India72 cited
  • 2012Meta‐analytic review of disclosure level and cost of equity capital67 cited
  • 2015Signaling Firm Performance Through Corporate Voluntary Disclosure66 cited
  • 2009Disclosure indices design: does it make a difference?66 cited
  • 2009Does graph disclosure bias reduce the cost of equity capital?61 cited
  • 2014Disentangling the Effects of Corporate Disclosure on the Cost of Equity Capital56 cited
  • 2021The financial consequences of human capital disclosure as part of integrated reporting48 cited
  • 2012Corporate e-disclosure determinants: Evidence from the Brazilian market46 cited
  • 2015Disclosure, ownership structure, earnings announcement lag and cost of equity capital in emerging markets45 cited