Voluntary disclosure and information asymmetry in Denmark

Journal of International Accounting, Auditing and Taxation

Volumn 15, Issue 2, 2006, Pages 127-149

  Petersen, Christian ^a   Plenborg, Thomas ^a  

^a Department of International Economics and Management   (Denmark)

Author keywords

Cost of capital; Disclosure; Information asymmetry

Indexed keywords

EID: 33749350119     PISSN: 10619518     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.intaccaudtax.2006.08.004     Document Type: Article

References (41)

1. Ahmed K., and Courtis J.K. Associations between corporate characteristics and disclosure levels in annual reports: A meta-analysis. The British Accounting Review 31 1 (1999) 35-61
2. Bailey, W., Karolyi, A., & Salva, C. (2005). The economic consequences of increased disclosure: Evidence from international cross-listings. Working paper, Cornell University.
3. Ball R., Kothari S.P., and Robin A. The effect of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics 29 (2000) 1-51
4. Bloomfield R.J., and Wilks T.J. Disclosure effects in the laboratory: Liquidity, depth, and the cost of capital. The Accounting Review 75 1 (2000) 13-41
5. Botosan C.A. Disclosure level and the cost of equity capital. The Accounting Review 72 3 (1997) 323-349
6. Botosan C.A., and Plumlee M.A. A re-examination of disclosure level and expected cost of equity capital. Journal of Accounting Research 40 1 (2002) 2-40
7. Chen, K. C. W., Chen, Z., & Wei, K. C. J. (2003). Disclosure, Corporate Governance, and the cost of equity capital: Evidence from Asias emerging markets. Working Paper, Hong Kong University of Science and Technology.
8. Clarke, J., & Shastri, K. (2001). On information asymmetry metrics. Working paper, University of Pittsburgh.
9. Copeland T., and Galai D. Information effects on the bid-ask spread. Journal of Finance 38 5 (1983) 1457-1469
10. Diamond D.W., and Verrecchia R.E. Disclosure, liquidity, and the cost of capital. Journal of Finance 46 4 (1991) 1325-1359
11. Dimson E. Risk measurement when shares are subject to infrequent trading. Journal of Financial Economics 7 2 (1979) 197-226
12. Doyle P. Value based marketing. Journal of Strategic Marketing 8 4 (2000) 299-311
13. Fama E.F., and Macbeth J.D. Risk, return and equilibrium: Empirical tests. Journal of Political Economy 71 (1973) 607-636
14. Gabrielsen G., Gramlich J., and Plenborg T. Managerial ownership, information content of earnings, and discretionary accruals in a non-US setting. Journal of Business Finance & Accounting 29 7&8 (2002) 967-988
15. Glosten L., and Milgrom P. Bid, ask and transaction prices in a specialist market with heterogeneously informed traders. Journal of Financial Economics 14 1 (1985) 71-100
16. Grossman S.J., and Hart O.D. Takeover bids, the free-rider problem, and the theory of the corporations. Bell Journal of Economics 11 Spring (1980) 42-64
17. Grossman S.J., and Hart O.D. One share/one vote and the market for corporate control. Journal of Financial Economics 20 1 (1988) 175-203
18. Hail L. The impact of voluntary corporate disclosure on the ex-ante cost of capital for Swiss Firms. The European Accounting Review 11 4 (2002) 741-773
19. Healy P.M., Hutton A.P., and Palepu K.G. Stock performance and intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research 16 3 (1999) 485-520
20. Healy, P., & Palepu, K. G. (2000). A review of the empirical disclosure literature. Working paper, Harvard Business School.
21. Jenkins Report (1994). Improving business reporting-A customer focus: Meeting the information needs of investors and creditors. American Institute of Certified Public Accountants, New York.
22. Kothari S.P., Lys T., Smith C.W., and Watts R.L. Auditor liability and information disclosure. Journal of Accounting, Auditing and Finance 4 3 (1988) 307-367
23. La Porta R. Investor protection and corporate valuation. Journal of Finance 57 (2002) 1147-1170
24. Lang M., and Lundholm R. Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research 31 2 (1993) 246-271
25. Lang M., and Lundholm R. Corporate disclosure policy and analyst behavior. The Accounting Review 71 4 (1996) 467-492
26. Leuz C., and Verrecchia R.E. The economic consequences of increased disclosure. Journal of Accounting Research 38 Suppl. (2000) 91-124
27. Mazumdar S.C., and Sengupta P. Disclosure and the loan spread on private debt. Financial Journal 61 3 (2005) 83-95
28. Nørby, L. (2001). Corporate Governance i Danmark: Anbefalinger for god selskabsledelse i Danmark.
29. Pedersen T., and Thomsen S. European patterns of corporate ownership: A twelve-country study. Journal of International Business Studies 28 (1996) 759-778
30. Porter M. What is strategy?. Harvard Business Review 74 6 (1996) 61-78
31. PwC (1999). ValueReporting-Forecast 2000, PricewaterhouseCoopers.
32. Schrand, C., & Verrecchia, R. E. (2004). Disclosure choice and cost of capital: Evidence from underpricing in initial public offerings. Working Paper, University of Pennsylvania.
33. Sengupta P. Corporate disclosure quality and the cost of debt. Accounting Review 73 4 (1998) 459-474
34. Shleifer A., and Vishny R. Large shareholders and corporate control. Journal of Political Economy 94 3 (1986) 461-488
35. Shleifer A., and Vishny R.W. A survey of corporate governance. Journal of Finance 52 (1997) 737-783
36. The Copenhagen Stock Exchange (2005). Fact Book 2005 (Statistics 2004)-Fakta om Københavns Fondsbørs, Copenhagen.
37. Thomsen S. Conflicts of interest or aligned incentives? Blockholder ownership, dividends and firm value in the US and the EU. European Business Organization Law Review 6 (2005) 201-225
38. Verrecchia R. Essays on disclosure. Journal of Accounting and Economics 32 (2001) 97-180
39. Warfield T.D., Wild J.J., and Wild K.L. Managerial ownership accounting choices, and informativeness of earnings. Journal of Accounting and Economics 20 (1995) 61-91
40. Welker M. Disclosure policy, information asymmetry and liquidity in equity markets. Contemporary Accounting Research 11 2 (1995) 801-827
41. White H. A heteroscedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity. Econometrica 48 4 (1980) 817-838