Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature
Financial reporting and disclosure are potentially important means for management to communicate firm performance and governance to outside investors. We provide a framework for analyzing managers’ reporting and disclosure decisions in a capital markets setting, and identify key research questions....
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Veröffentlicht in: | Journal of accounting & economics 2001-09, Vol.31 (1), p.405-440 |
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container_title | Journal of accounting & economics |
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creator | Healy, Paul M Palepu, Krishna G |
description | Financial reporting and disclosure are potentially important means for management to communicate firm performance and governance to outside investors. We provide a framework for analyzing managers’ reporting and disclosure decisions in a capital markets setting, and identify key research questions. We then review current empirical research on disclosure regulation, information intermediaries, and the determinants and economic consequences of corporate disclosure. Our survey concludes that current research has generated a number of useful insights. We identify many fundamental questions that remain unanswered, and changes in the economic environment that raise new questions for research. |
doi_str_mv | 10.1016/S0165-4101(01)00018-0 |
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issn | 0165-4101 1879-1980 |
language | eng |
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source | RePEc; Access via ScienceDirect (Elsevier) |
subjects | Asymmetric information Capital market Capital markets Corporate finance Disclosure Economics Enterprises Financial reporting Literature Regulation Reporting decisions Voluntary disclosure |
title | Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature |
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