This paper examines whether and how inside ownership mediates the relation between disclosure quality and the cost of capital. Both ownership and more transparent reporting have the potential to align incentives between managers and investors thereby reducing systematic risk. Employing a large...

This paper examines whether and how inside ownership mediates the relation between disclosure quality and the cost of capital. Both ownership and more transparent reporting have the potential to align incentives between managers and investors thereby reducing systematic risk. Employing a large...

We exploit the Fukushima nuclear disaster as a source of variation in the demand for environmental information to study the economic consequences of environmental disclosure. Using a large, hand-collected sample of Japanese firms, we find that firms that issue stand-alone environmental reports...

This paper aims to examine the moderating effect of the narrative risk disclosure quality on the association between firm performance and the cost of equity capital in the Egyptian setting. Manual content analysis and factorial principal component techniques are used to quantify the quality...

We examine the impact of mandatory ESG disclosure around the world on the cost of equity capital. Using a sample of firms in 62 countries and a difference-in-difference setting, we document that, on average, the ESG disclosure mandate significantly reduces the cost of equity for mandatory...

Using a panel of survey-based annual investor relations (IR) rankings of European companies, we provide evidence suggesting that the marginal benefit of IR is greater in countries with capital markets that are less outside-shareholder oriented. For firms located in these countries, we find that...

This paper offers in-depth analysis of the determinants and features of voluntary disclosure based on information in the annual reports of 1066 Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges. This extensive sample represents about 80% of all public companies in China. Our...

Research on the effects of voluntary disclosure quality on the cost of equity capital is often plagued by endogeneity concerns. I use a dynamic panel system GMM estimator to minimize these concerns by incorporating the dynamic nature of voluntary disclosure choices. The dynamic panel system GMM...

This study investigates whether corporate governance quality affects differences in financial reporting quality and cost of capital of public companies associated with adoption of XBRL in the Voluntary Filing Program (VFP) launched by the Securities and Exchange Commission (SEC) in March 2005....

We exploit state-level variation in data breach disclosure laws to study whether shareholders benefit from consumer protection regulation. While the intended purpose of these laws is consumer protection, we argue that the laws can help reduce shareholder risk through both a real effects channel...