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Idiosyncratic Information and the Cost of Equity Capital: A Meta-Analytic Review of the Literature
Journal of Accounting Literature Pub Date : 2018-12-01 , DOI: 10.1016/j.acclit.2018.07.001
Max Schreder

This paper provides a quantitative review of the literature on the repercussions of idiosyncratic information on firms’ cost of equity (CoE) capital. In total, I review the results of 113 unique studies examining the CoE effects of information Quantity, Precision and Asymmetry. My results suggest that the association between firm-specific information and CoE is subject to moderate effects. First, the link between Quantity and CoE is moderated by disclosure types and country-level factors in that firms in comparatively weakly regulated countries tend to enjoy up to four times greater CoE benefits from more expansive disclosure—depending on the type of disclosure—than firms in strongly regulated markets. Second, a negative relationship between Precision and CoE is only significant in studies using non-accrual quality proxies for Precision and risk factor-based (RFB)/valuation model-based (VMB) proxies for CoE. Third, almost all VMB studies confirm the positive association between Asymmetry and CoE, but there is notable variation in the conclusions reached when ex post CoE measurers are used.

中文翻译:

特质信息与股本成本:文献的荟萃分析

本文对有关企业股本成本(CoE)资本的特质信息的影响的文献进行了定量回顾。总的来说,我回顾了113项独特研究的结果,这些研究检查了信息量,精确度和不对称性的CoE效应。我的结果表明,公司特定信息与CoE之间的关联受到中等影响。首先,数量和CoE之间的联系受披露类型和国家水平因素的影响而缓和,因为监管相对较弱的国家的公司往往会从更广泛的披露中获得多达四倍的CoE收益-“取决于披露的类型”。而不是受到严格监管的市场中的公司。第二,精确度和CoE之间的负相关关系仅在使用非应计质量代表精确度和基于风险因子(RFB)/基于评估模型(VMB)代表CoE的研究中才有意义。第三,几乎所有的VMB研究都证实了不对称性与CoE之间存在正相关关系,但是使用事后CoE测量工具得出的结论存在显着差异。
更新日期:2018-12-01
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