An Investigation of the Causal Effect of Voluntary Disclosure Quality on Cost of Equity Capital
Language: English
Published by GRIN Verlag, GRIN Verlag, 2017
- Softcover
- New
Seller: AHA-BUCH GmbH, Einbeck, GermanyAHA-BUCH GmbH
AbeBooks seller since August 14, 2006
Condition: New
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Druck auf Anfrage Neuware - Printed after ordering - Master's Thesis from the year 2012 in the subject Economics - Finance, grade: 5.5, University of Zurich (Department of Banking and Finance), course: Economics and Finance, language: English, abstract: Does voluntary disclosure quality pay off And if so, what are the driving forces behind the relationship of voluntary disclosure quality and the cost of equity capital This study addresses these and other questions in the context of analyzing the determinants of the cost of equity capital for Swiss firms. The relation between voluntary disclosure quality and cost of equity capital is widely known to be affected by self-selection. Potential endogeneity bias is controlled for by adopting a two-stage least squares approach in a cross-sectional setting. Voluntary disclosure quality is proxied by the annual reports disclosure scores for a well-diversified sample of Swiss firms as developed by the Department of Banking and Finance of the University of Zurich. Further, an ex-ante cost of capital metric derived from the dividend discount model is used in this study. Empirical evidence shows that the association between voluntary disclosure quality and cost of equity differs with a firm's stock listing history. While the relation is predicted to be negative for firms at the IPO stage, it is likely reversed at some point in a firm's stock listing history. These results suggest that analysts' information processing activities negatively moderate the impact of voluntary disclosure quality on firm value. Importantly, the predicted interaction between voluntary disclosure quality and stock listing history remains significant when adjusting for endogeneity.…
Seller Inventory # 9783668410633
- Title
- An Investigation of the Causal Effect of Voluntary Disclosure Quality on Cost of Equity Capital
- Author
- Andreas Zweifel
- Publisher
- GRIN Verlag, GRIN Verlag
- Publication year
- 2017
- Condition
- Neu
- Binding
- Taschenbuch
- Language
- English
- ISBN 10
- 3668410631
- ISBN 13
- 9783668410633
- Item weight
- 157 grams
- Dimensions
- 210x148x8 mm
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