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| Tekijä: | Duarte, J. (et al.) |
| Otsikko: | Information asymmetry, information dissemination and the effect of regulation FD on the cost of capital |
| Lehti: | Journal of Financial Economics
2008 : JAN, VOL. 87:1, p. 24-44 |
| Asiasana: | asymmetric information CAPITAL COSTS information regulations |
| Kieli: | eng |
| Tiivistelmä: | The article considers the impact of Regulation Fair Disclosure (FD) on firms information environments and costs of capital. For NYSE/Amex firms little evidence of a change is found in the cost of capital attributable to Regulation FD. For Nasdaq firms we find that Regulation FD increased firms costs of capital by 1019 basis points per annum though the statistical significance of this change is modest for some of our models. The study also shows substantial cross-sectional variation in the cost of capital changes. It is found that cost of capital changes were negatively related to both pre-regulation firm size and PIN. |
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