Corporate disclosure policy and the informativeness of stock prices

被引：22

作者：

Gelb D.S. ^{[1
]}

Zarowin P. ^{[2
,3
]}

机构：

[1] New York University, Stern School of Business, 422 Tisch Hall, New York, NY 10012

来源：

Review of Accounting Studies | 2002年 / 7卷 / 1期

关键词：

Disclosure; Future ERC; Informativeness;

D O I：

10.1023/A:1017927530007

中图分类号：

学科分类号：

摘要：

We examine the association between voluntary corporate disclosure and the informativeness of stock prices. We measure corporate disclosure using the AIMR-FAF annual corporate disclosure ratings. We define price informativeness by the association between current stock returns and future earnings changes: more informative stock price changes contain more information about future earnings changes. To measure this association, we regress current returns against (current and) future earnings changes. The aggregated coefficient on the future earnings changes, which we refer to as the future ERC, is our measure of informativeness (association). We hypothesize and find that greater disclosure is associated with stock prices that are more informative about future earnings (i.e., higher future ERC). These results provide empirical support for the widely held, but heretofore empirically undocumented, belief that greater disclosure provides information benefits to investors. © 2002 Kluwer Academic Publishers.

引用

页码：33 / 52

页数：19

共 29 条

[21]

Lang M., Lundholm R., Corporate Disclosure Policy and Analyst Behavior, Accounting Review, 71, pp. 467-492, (1996)

[22]

Leuz C., Verrecchia R., The Economic Consequences of Increased Disclosure, Journal of Accounting Research, SUPPL., pp. 91-124, (2000)

[23]

Lev B., On the Usefulness of Earnings: Lessons and Directions from Two Decades of Empirical Research, Journal of Accounting Research, SUPPL., pp. 153-192, (1989)

[24]

Lundholm R., Myers L., Bringing the Future Forward: The Effect of Disclosure on the Returns-Earnings Relation, (2000)

[25]

Schipper K., Academic Accounting Research and the Standard Setting Process, Accounting Horizons, 8, pp. 61-73, (1995)

[26]

Sengupta P., Corporate Disclosure Policy and the Cost of Debt, Accounting Review, 73, pp. 459-474, (1998)

[27]

Warfield T.D., Wild J.J., Accounting Recognition and the Relevance of Earnings as an Explanatory Variable for Returns, Accounting Review, 67, pp. 821-842, (1992)

[28]

Welker M., Disclosure Policy, Information Asymmetry, and Liquidity in Equity Markets, Contemporary Accounting Research, 11, pp. 801-827, (1995)

[29]

White G.I., Sondhi A.C., Fried D., The Analysis and Use of Financial Statements, (1998)

← 1 2 3 →