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Accruals quality and cost of capital : evidence from the Chinese stock market

Hong, Philip K.; Ma, Tao; Zhang, Guochang - In: Journal of international accounting research 18 (2019) 1, pp. 71-95

Persistent link: https://www.econbiz.de/10012212919

Accruals quality, underwriter reputation, and corporate bond underpricing : evidence from China

Xu, Si; Gong, Guangming; Gong, Xun - In: China journal of accounting research : CJAR 10 (2017) 4, pp. 317-339

This study examines the relationship between accruals quality and the underpricing of corporate bonds in China and how …

Persistent link: https://www.econbiz.de/10011845067

Conditional Conservatism and the Cost of Equity Capital : Information Precision and Information Asymmetry Effects

Biddle, Gary C. - 2017

Prior studies report negative or insignificant relations between conditional conservatism and the cost of equity capital, arguing that conservatism reduces information risk. Using accounting-based conditional conservatism proxies, however, we find a significantly positive association between...

Persistent link: https://www.econbiz.de/10012973175

The Information Environment and Cost of Capital

Barron, Orie E. - 2012

In empirical tests guided by recent theory (e.g., Hughes, Liu and Liu 2007; and Lambert, Leuz and Verrecchia 2011), we examine the joint effects of information precision, information asymmetry and the level of market competition on firms' cost of equity capital. Consistent with theory, we find that...

Persistent link: https://www.econbiz.de/10013104224

Information Asymmetry, Information Precision, and the Cost of Capital

Lambert, Richard A. - 2011

This paper examines the relation between information differences across investors (i.e., information asymmetry) and the cost of capital, and establishes that with perfect competition information asymmetry makes no difference. Instead, a firm's cost of capital is governed solely by the average...

Persistent link: https://www.econbiz.de/10013126051

Alternative information sources and information asymmetry reduction : evidence from small business debt

Cassar, Gavin; Ittner, Christopher D.; Cavalluzzo, Ken S. - 2010 - Rev.

We examine whether more sophisticated accounting methods (in the form of accrual accounting) interacts with other … not the use of accrual accounting, decrease the likelihood of loan denial. However, firms using accrual accounting exhibit … from accrual accounting, with the benefits from accruals decreasing in the firm's credit score and relationship length. We …

Persistent link: https://www.econbiz.de/10009349814

The Change in Information Uncertainty and Acquirer Wealth Losses

Erickson, Merle M. - 2011

A large body of literature demonstrates that acquisitions are on average value-destroying for the acquirer. We investigate whether the change in the acquirer's information uncertainty contributes to acquirer wealth losses. Information uncertainty affects the discount rate (the cost of capital),...

Persistent link: https://www.econbiz.de/10013124334

Expected stock returns worldwide : a log-linear present-value approach

Chattopadhyay, Akash; Lyle, Matthew R.; Wang, Charley C. Y. - 2018

We provide the first large-scale study of the performance of expected-return proxies (ERPs) internationally. Analyst-forecast-based ICCs are sparsely populated and not robustly associated with future returns. Earnings-model-forecast-based ICCs are well-populated, but are unreliable outside the...

Persistent link: https://www.econbiz.de/10011931329

The Effect of the Credibility of Mandatory Disclosure by Credit Rating Agencies on Managerial Learning from Stock Prices

Kim, Jaewoo; Park, Seyoung; Wilson, Ryan J. - 2022

Using the Credit Rating Agency Reform Act of 2006, we examine the credibility of mandatory disclosure by credit rating agencies (CRAs) on managerial learning from stock prices. We find an increase in investment-price sensitivity for firms affected by the Act. Consistent with managers relying...

Persistent link: https://www.econbiz.de/10014239046

Information risk, stock returns, and asset pricing : evidence from China

Safdar, Raheel; Chen, Yan - In: Accounting research journal 30 (2017) 4, pp. 379-394

Persistent link: https://www.econbiz.de/10011813072