Segment Disclosure and Cost of Capital

被引：49

作者：

Blanco, Belen ^{[1
]}

Garcia Lara, Juan M. ^{[2
]}

Tribo, Josep A. ^{[2
]}

机构：

[1] Univ Melbourne, Carlton, Vic 3010, Australia

[2] Univ Carlos III Madrid, E-28903 Getafe, Spain

来源：

JOURNAL OF BUSINESS FINANCE & ACCOUNTING | 2015年 / 42卷 / 3-4期

关键词：

segment disclosure; earnings quality; forecast error; cost of capital; SFAS NO. 131; PRODUCT MARKET COMPETITION; VOLUNTARY DISCLOSURE; IMPLIED COST; INFORMATION ASYMMETRY; EARNINGS MANAGEMENT; PREDICTING EARNINGS; SYSTEMATIC-RISK; AGENCY COSTS; EQUITY;

D O I：

10.1111/jbfa.12106

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate whether segment disclosure influences cost of capital. Improved segment reporting is expected to decrease cost of capital by reducing estimation risk. However, in a competitive environment segment disclosure may also generate uncertainties about future prospects and lead to a larger cost of capital. Asset-pricing tests confirm that segment disclosure is a priced risk factor. Also, segment disclosure reduces ex-ante estimates of cost of equity capital and other measures connected to risk. These results suggest a negative relation between segment disclosure and cost of capital. Our results also show that competition reduces, but does not eliminate, the previous relationship.

引用

页码：367 / 411

页数：45

共 113 条

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