Discussion of delegated trade and the pricing of public and private information

• 成果类型: Article
• 署名作者: Bloomfield, Matthew J.; Bloomfield, Robert
• 署名单位: University of Chicago; Cornell University
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2015.09.001
• 发表日期: 2015
• 关键词: accruals quality; stock returns; earnings; prices; RISK; equilibrium; disclosure; COSTS

摘要

Taylor and Verrecchia (2015) show that idiosyncratic risk can be priced in efficient but imperfectly competitive equity markets. We discuss how the model is structured, how it might apply to the pricing of financial reporting quality, and how empiricists might test its predictions. (C) 2015 Elsevier B.V. All rights reserved.