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The Role of Information Precision in Determining the Cost of Equity Capital · Study

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ArticleThe Role of Information Precision in Determining the Cost of Equity Capital

Christine A. Botosan2004

Article2004

The Role of Information Precision in Determining the Cost of Equity Capital

Christine A. Botosan · Marlene Plumlee · Yuan Xie

257 citations·0/0 files stored·Review of Accounting Studies

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Auditing, Earnings Management, Governance Financial Markets and Investment Strategies Financial Reporting and Valuation Research

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References

1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1965The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets 1975THE 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.]1985Bid, ask and transaction prices in a specialist market with heterogeneously informed traders 1980On the Impossibility of Informationally Efficient Markets 1986Asset pricing and the bid-ask spread 1966Equilibrium in a Capital Asset Market 1991

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Year2004

Typearticle

Published2004-05-19

VenueReview of Accounting Studies

ISSN-L1380-6653

Languageen

Citations257

Files0 public / 0

ShelfAuditing, Earnings Management, Governance

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doi10.1023/b:rast.0000028188.71604.0a

openalex_workW2003100147

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Disclosure, Liquidity, and the Cost of Capital

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