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Management earnings forecast disclosure policy and the cost of equity capital
16 references·16 citing·27 second hopsampled
Management earnings forecast disclosure policy and the cost of equity capital (2011)Management earnings forecast disclosure p…On the use of instrumental variables in accounting research (2009)On the use of instrumental va…Information and the Cost of Capital (2004)Information and the Cost of C…Costs of Equity and Earnings Attributes (2004)Costs of Equity and Earnings …Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)Information asymmetry, corpor…Econometric Analysis of Cross Section and Panel Data (2001)Econometric Analysis of Cross…Disclosure level and the cost of equity capital. (1997)Disclosure level and the cost…Corporate Disclosure Policy and Analyst Behavior. (1996)Corporate Disclosure Policy a…The journal of financial economics (1993)The journal of financial econ…Common risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…The Cross-Section of Expected Stock Returns (1992)The Cross-Section of Expected…Disclosure, Liquidity, and the Cost of Capital (1991)Disclosure, Liquidity, and th…Asset pricing and the bid-ask spread (1986)Asset pricing and the bid-ask…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)THE VALUATION OF RISK ASSETS …Equilibrium in a Capital Asset Market (1966)Equilibrium in a Capital Asse…The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)The Valuation of Risk Assets …CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)CAPITAL ASSET PRICES: A THEOR…Structural Equation Modeling in Archival Capital Markets Research: An Empirical Application to Disclosure and Cost of Capital (2023)Structural Equation Modeling …Is silence golden sometimes? Management guidance withdrawals during the COVID-19 pandemic (2022)Is silence golden sometimes? …Earnings forecasts of female CEOs: quality and consequences (2022)Earnings forecasts of female …COVID-19 profit warnings: Delivering bad news in a time of crisis (2021)COVID-19 profit warnings: Del…Controlling shareholder share pledging and the cost of equity capital: Evidence from China (2021)Controlling shareholder share…Does CSR affect the cost of equity capital: Empirical evidence from the targeted poverty alleviation of listed companies in China (2020)Does CSR affect the cost of e…Corporate Financial Disclosure Measurement in the Empirical Accounting Literature: A Review Article (2019)Corporate Financial Disclosur…Voluntary disclosure, mandatory disclosure and the cost of capital (2018)Voluntary disclosure, mandato…Voluntary disclosure of corporate political spending (2018)Voluntary disclosure of corpo…Linguistic Information Quality in Customers' Forward‐Looking Disclosures and Suppliers' Investment Decisions (2018)Linguistic Information Qualit…A Re-Examination of the Cost of Capital Benefits from Higher-Quality Disclosures (2015)A Re-Examination of the Cost …Management Forecasts and the Cost of Equity Capital: International Evidence (2014)Management Forecasts and the …Bank loan spread and private information: pending approval patents (2014)Bank loan spread and private …Do Declines in Bank Health Affect Borrowers’ Voluntary Disclosures? Evidence from International Propagation of Banking Shocks (2013)Do Declines in Bank Health Af…Cost of Capital Free-Riders (2013)Cost of Capital Free-RidersEvaluating Implied Cost of Capital Estimates (2011)Evaluating Implied Cost of Ca…Risk, Return, and Equilibrium: Empirical Tests (1973)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)The relationship between return and market value of common stocks (1981)The theory and practice of econometrics (1986)Liquidity Risk and Expected Stock Returns (2003)Investor Sentiment and the Cross‐Section of Stock Returns (2006)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Dividend Policy, Growth, and the Valuation of Shares (1961)The cost of capital, corporation finance and the theory of investment (2008)Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation (1982)Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations (1991)Another look at the instrumental variable estimation of error-components models (1995)Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)Corporate social responsibility and access to finance (2013)The China Syndrome: Local Labor Market Effects of Import Competition in the United States (2013)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Corporate financing and investment decisions when firms have information that investors do not have (1984)Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis (2007)An Intertemporal Capital Asset Pricing Model (1973)The Pricing of Options and Corporate Liabilities (1973)Option pricing when underlying stock returns are discontinuous (1976)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)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)
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References

  • 2001Econometric Analysis of Cross Section and Panel Data27,575 cited
  • 1993Common risk factors in the returns on stocks and bonds26,615 cited
  • 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*19,431 cited
  • 1992The Cross-Section of Expected Stock Returns17,251 cited
  • 1965The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets7,600 cited
  • 2001Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature7,391 cited
  • 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.]6,743 cited
  • 1986Asset pricing and the bid-ask spread5,087 cited
  • 1966

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Equilibrium in a Capital Asset Market
4,896 cited
  • 1991Disclosure, Liquidity, and the Cost of Capital3,828 cited
  • 1997Disclosure level and the cost of equity capital.3,577 cited
  • 2004Information and the Cost of Capital3,057 cited
  • 1996Corporate Disclosure Policy and Analyst Behavior.2,743 cited
  • 1993The journal of financial economics2,544 cited
  • 2009On the use of instrumental variables in accounting research2,416 cited
  • 2004Costs of Equity and Earnings Attributes2,387 cited
  • Cited by

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    • 2022Earnings forecasts of female CEOs: quality and consequences87 cited
    • 2013Do Declines in Bank Health Affect Borrowers’ Voluntary Disclosures? Evidence from International Propagation of Banking Shocks81 cited
    • 2014Bank loan spread and private information: pending approval patents81 cited
    • 2013Cost of Capital Free-Riders77 cited
    • 2011Evaluating Implied Cost of Capital Estimates76 cited
    • 2019Corporate Financial Disclosure Measurement in the Empirical Accounting Literature: A Review Article75 cited
    • 2018Voluntary disclosure, mandatory disclosure and the cost of capital62 cited
    • 2021Controlling shareholder share pledging and the cost of equity capital: Evidence from China61 cited
    • 2018Voluntary disclosure of corporate political spending60 cited
    • 2022Is silence golden sometimes? Management guidance withdrawals during the COVID-19 pandemic42 cited
    • 2020Does CSR affect the cost of equity capital: Empirical evidence from the targeted poverty alleviation of listed companies in China39 cited
    • 2015A Re-Examination of the Cost of Capital Benefits from Higher-Quality Disclosures35 cited
    • 2021COVID-19 profit warnings: Delivering bad news in a time of crisis35 cited
    • 2023Structural Equation Modeling in Archival Capital Markets Research: An Empirical Application to Disclosure and Cost of Capital34 cited