that, on average, through their impairment-testing disclosures managers convey information that reduces information risk …. Using disclosures of firms included in the SBF 250 index of Euronext Paris over the period 2006-2009, we document a negative … association between impairment-testing disclosures and implied cost of equity capital. We find that prospective entity …

voluntary strategy disclosures in firms’ management reports reduce the information asymmetry component of cost of capital and …