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1、外文文献翻译原文：AccountingInformation,Disclosure,andtheCostofCapital1.IntroductionThelinkbetweenaccountinginformationandthecostofcapitaloffirmsisoneofthemostfundamentalissuesinaccounting.Standardsettersfrequentlyrefertoit.Forexample,ArthurLevitt,theformerchairmanoftheSecuritiesandExchangeCommission(
2、SEC),suggeststhat“highqualityaccountingstandards...reducecapitalcosts”(Levitt[1998,p.81]).Similarly,NeelFoster,aformermemberoftheFinancialAccountingStandardsBoard(FASB),claimsthat“Moreinformationalwaysequatestolessuncertainty,and...peoplepaymoreforcertainty.Inthecontextoffinancialinformation,
3、theendresultisthatbetterdisclosureresultsinalowercostofcapital”(Foster[2003,p.1]).Whiletheseclaimshaveintuitiveappeal,thereissurprisinglylittletheoreticalworkonthehypothesizedlink.Inparticular,itisuncleartowhatextentaccountinginformationorfirmdisclosuresreducenondiversifiablerisksineconomiesw
4、ithmultiplesecurities.Assetpricingmodels,suchastheCapitalAssetPricingModel(CAPM),andportfoliotheoryemphasizetheimportanceofdistinguishingbetweenrisksthatarediversifiableandthosethatarenot.Thus,thechallengeforaccountingresearchersistodemonstratewhetherandhowfirms’accountinginformationmanifests
5、intheircostofcapital,despitetheforcesofdiversification.Thispaperexaminesbothofthesequestions.Wedefinethecostofcapitalastheexpectedreturnonafirm’sstock.Thisdefinitionisconsistentwithstandardassetpricingmodelsinfinance(e.g.,FamaandMiller[1972,p.303]),aswellasnumerousstudiesinaccountingthatusedi
6、scountedcashfloworabnormalearningsmodelstoinferfirms’costofcapital(e.g.,Botosan[1997],Gebhardt,Lee,andSwaminathan[2001]).1Inourmodel,weexplicitlyallowformultiplefirmswhosecashflowsarecorrelated.Incontrast,mostanalyticalmodelsinaccountingexaminetheroleofinformationinsingle-firmsettings(seeVerr
7、ecchia[2001]forasurvey).Whilethis11literatureyieldsmanyusefulinsights,itsapplicabilitytocostofcapitalissuesislimited.Insingle-firmsettings,firm-specificvarianceispricedbecausetherearenoalternativesecuritiesthatwouldallowinvestorstodiversifyid
