The economic consequences of increased disclosure
成果类型：
Article
署名作者：
Leuz, C; Verrecchia, RE
署名单位：
University of Pennsylvania
刊物名称：
JOURNAL OF ACCOUNTING RESEARCH
ISSN/ISSBN：
0021-8456
DOI：
10.2307/2672910
发表日期：
2000
页码：
91-124
关键词：
摘要：
Economic theory suggests that a commitment by a firm to increased levels of disclosure should lower the information asymmetry component of the firm's cost of capital. But while the theory is compelling, so far empirical results relating increased levels of disclosure to measurable economic benefits have been mixed. One explanation for the mixed results among studies using data from firms publicly registered in the United States is that, under current U.S. reporting standards, the disclosure environment is already rich. In this paper, we study German firms that have switched from the German to an international reporting regime (IAS or U.S. GAAP), thereby committing themselves to increased levels of disclosure. We show that proxies for the information asymmetry component of the cost of capital for the switching firms-namely, the bid-ask spread and trading volume-behave in the predicted direction compared to firms employing the German reporting regime.
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