资源描述：
《自愿性信息披露，收益质量与资本成本【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、外文翻译原文VoluntaryDisclosure,EarningsQuality,andCostsofCapitalMaterialSource:Internet.Author:JenniferFrancis,DhananjayNanda,PerOlsson.Weinvestigatetherelationbetweenvoluntarydisclosureandearningsquality,andthepricingeffectsofvoluntarydisclosureuncondition
2、allyandconditionalonearningsquality.Ourproxyforvoluntarydisclosureisacodedindexoffinancialinformationfromfirms’annualreportsand10-Kfilings.Byearningsquality,wemeantheprecisionoftheearningssignalemanatingfromthefirm’sfinancialreportingsystem.Suchimpreci
3、sionaffectsthecapitalmarket’sdemandfor,aswellasafirm’smotivetosupply,disclosuresthatareusefultocurrentshareholdersandprospectiveinvestorsinassessingfirmvalue.Ourmainproxyforafirm’searningsqualityisthecommonfactoridentifiedbyfactoranalysisperformedonthr
4、eemeasuresofearningsqualitycommonlyusedintheliterature:accrualsquality,earningsvariability,andtheabsolutevalueofabnormalaccruals.Analyticalresearchprovidesconflictingpredictionsabouthowearningsqualityinfluencesfirms’disclosuredecisions.Onestrandarguest
5、hattheinformationasymmetrybetweenfirminsidersandshareholderscreatesademandfordisclosureandprovidesanincentiveforfirmstodisclosebecausethevalueofadditionalinformationisgreaterinthesesettings(GrossmanandHart,1980;Milgrom,1981;Verrecchia,1983).Animplicati
6、onisthatfirmswithpoor(good)earningsqualitywillissuemore(less)expansivedisclosuresbecauseinformationasymmetrybetweenthefirmandinvestorsishigher(lower)insuchfirms;weinterpretthisasasubstitutiverelation.Anotherstrandshowsthatasinformationqualityincreases(
7、suchthatthequalityofthemanager’sinformationincreases)managershaveincentivestodisclosemore(Verrecchia,1990).Underthisview,firmswithpoor(good)earningsqualitywillissueless(more)expansivedisclosures,becauseinvestorswilltreatsuchdisclosuresasless(more)credi
8、ble;weinterpretthisasacomplementaryrelation.Asdiscussedinsection2.1,thedifferingimplicationsfromthisliteraturestemfromthemodelingofearnings7quality.Aseparatebutrelatedissueiswhethervoluntarydisclosuresresultinalower,orhigher,overallcost
