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Disclosure Level and Expected Cost of Equity Capital: An Examination of Analysts' Rankings of Corporate Disclosure and Alternative Methods of Estimating Expected Cost of Equity Capital
16 references·2 citing·35 second hop
Disclosure Level and Expected Cost of Equity Capital: An Examination of Analysts' Rankings of Corporate Disclosure and Alternative Methods of Estimating Expected Cost of Equity Capital (2000)Disclosure Level and Expected Cost of Equ…Toward an Implied Cost of Capital (2001)Toward an Implied Cost of Cap…Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure* (1999)Stock Performance and Interme…Industry costs of equity (1997)Industry costs of equityDisclosure level and the cost of equity capital. (1997)Disclosure level and the cost…Corporate Disclosure Policy and Analyst Behavior. (1996)Corporate Disclosure Policy a…Valuation and Clean Surplus Accounting for Operating and Financial Activities* (1995)Valuation and Clean Surplus A…Earnings, Book Values, and Dividends in Equity Valuation* (1995)Earnings, Book Values, and Di…Disclosure Policy, Information Asymmetry, and Liquidity in Equity Markets* (1995)Disclosure Policy, Informatio…Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures (1993)Cross-Sectional Determinants …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…Bid, ask and transaction prices in a specialist market with heterogeneously informed traders (1985)Bid, ask and transaction pric…Fundamental methods of mathematical economics (1984)Fundamental methods of mathem…Information Effects on the Bid-Ask Spread (1983)Information Effects on the Bi…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…The Cost of Transacting (1968)The Cost of TransactingShort-selling and corporate ESG performance: evidence from China (2024)Short-selling and corporate E…The Impact of Corporate Social Responsibility Disclosure on the Future Earnings Response Coefficient (ASEAN Banking Analysis) (2020)The Impact of Corporate Socia…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)Efficient Capital Markets: A Review of Theory and Empirical Work (1970)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Investor Psychology and Security Market Under‐ and Overreactions (1998)Illiquidity and stock returns: cross-section and time-series effects (2002)Market Liquidity and Funding Liquidity (2008)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)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)Common risk factors in the returns on stocks and bonds (1993)Multifactor Explanations of Asset Pricing Anomalies (1996)Measuring Mutual Fund Performance with Characteristic‐Based Benchmarks (1997)Conditional Skewness in Asset Pricing Tests (2000)Specification Tests in Econometrics (1978)Why Firms Voluntarily Disclose Bad News (1994)INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION (1977)Corporate financing and investment decisions when firms have information that investors do not have (1984)Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC* (1996)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)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)On Persistence in Mutual Fund Performance (1997)Expected EPS and EPS Growth as Determinantsof Value (2005)The cost of capital, corporation finance and the theory of investment (2008)
this work references cited by second hop

References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1985Bid, ask and transaction prices in a specialist market with heterogeneously informed traders6,132 cited
  • 1997Industry costs of equity5,793 cited
  • 1986Asset pricing and the bid-ask spread5,087 cited
  • 1995Earnings, Book Values, and Dividends in Equity Valuation*5,061 cited
  • 1991Disclosure, Liquidity, and the Cost of Capital3,828 cited
  • 1997Disclosure level and the cost of equity capital.3,577 cited
  • 1996Corporate Disclosure Policy and Analyst Behavior.2,743 cited
  • 1993Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures2,643 cited
  • 1995Valuation and Clean Surplus Accounting for Operating and Financial Activities*2,224 cited
  • 2001Toward an Implied Cost of Capital2,004 cited
  • 1968The Cost of Transacting1,909 cited
  • 1999Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure*1,882 cited
  • 1983Information Effects on the Bid-Ask Spread1,875 cited
  • 1984Fundamental methods of mathematical economics1,539 cited
  • 1995Disclosure Policy, Information Asymmetry, and Liquidity in Equity Markets*

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  • 2020The Impact of Corporate Social Responsibility Disclosure on the Future Earnings Response Coefficient (ASEAN Banking Analysis)37 cited
  • 2024Short-selling and corporate ESG performance: evidence from China29 cited