作者：Ng, Jeffrey
作者单位：Massachusetts Institute of Technology (MIT)
摘要：I investigate whether information quality affects the cost of equity capital through liquidity risk. Liquidity risk is the sensitivity of stock returns to unexpected changes in market liquidity; recent asset pricing literature has emphasized the importance of this systematic risk. I find that higher information quality is associated with lower liquidity risk and that the reduction in cost of capital due to this association is economically significant. I also find that the negative association ...
作者：Berger, Philip G.
作者单位：University of Chicago
摘要：Beyer et al. (2010) review the financial reporting literature related to voluntary and mandatory firm disclosures, and sell-side analyst reports. The discussion summarizes their approach, highlights some of their main conclusions, and presents alternative ideas about promising avenues for future research. (C) 2011 Elsevier B.V. All rights reserved.
