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
Hauptverfasser: Healy, Paul M, Palepu, Krishna G
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creator Healy, Paul M
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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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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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