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1、JournalofAccountingandEconomics31(2001)405–440Informationasymmetry,corporatedisclosure,andthecapitalmarkets:Areviewoftheempirical$disclosureliteraturePaulM.Healy*,KrishnaG.PalepuGraduateSchoolofBusiness,HarvardUniversity,Boston,MA02446,USAReceived14January2000;receivedinrevisedform16March2001Abst
2、ractFinancialreportinganddisclosurearepotentiallyimportantmeansformanagementtocommunicatefirmperformanceandgovernancetooutsideinvestors.Weprovideaframeworkforanalyzingmanagers’reportinganddisclosuredecisionsinacapitalmarketssetting,andidentifykeyresearchquestions.Wethenreviewcurrentempiricalresear
3、chondisclosureregulation,informationintermediaries,andthedeterminantsandeconomicconsequencesofcorporatedisclosure.Oursurveyconcludesthatcurrentresearchhasgeneratedanumberofusefulinsights.Weidentifymanyfundamentalquestionsthatremainunanswered,andchangesintheeconomicenvironmentthatraisenewquestions
4、forresearch.r2001PublishedbyElsevierScienceB.V.JELclassification:D82;G30;G33;G41;M41Keywords:Reportingdecisions;Voluntarydisclosure$ThispaperhasbenefitedfromcommentsfromS.P.KothariandRossWatts(theeditors),aswellasparticipantsatthe2000JAEConference.WearealsogratefultoTatianaSandinoforresearchassista
5、nce,andtheDivisionofResearchattheHarvardBusinessSchoolforfinancialsupport.*Correspondingauthor.Tel.:+1-617-495-1283;fax:+1-617-496-7387.E-mailaddress:phealy@hbs.edu(P.M.Healy).0165-4101/01/$-seefrontmatterr2001PublishedbyElsevierScienceB.V.PII:S0165-4101(01)00018-0406P.M.Healy,K.G.Palepu/Journalof
6、AccountingandEconomics31(2001)405–4401.IntroductionCorporatedisclosureiscriticalforthefunctioningofanefficientcapital1market.Firmsprovidedisclosurethroughregulatedfinancialreports,includingthefinancialstatements,footnotes,managementdiscussionandanalysis,andotherregulatoryfilings.Inaddition,somefirmseng
7、ageinvoluntarycommunication,suchasmanagementforecasts,analysts’presenta-tionsandconferencecalls,pressreleases,internetsites,andothercorporatereports.Finally,therearedisclosuresaboutfirmsbyinformationintermedi-aries,such
