The impact of voluntary corporate disclosures on the ex-ante cost of capital for Swiss firms

By Luzi Hail. 2002

412 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/c1872daab0ce5615592ae670fe48a97d36660693

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Citations in the corpus

Disclosure and the cost of capital: what do we know? (2006, background): “I2 Healy et al. (1999) (HHP) examine 97 f i i s with a large and sustained increase in their AIMR disclosure scores and document a decline in relative spreads coincident with improved disclosure practices. HHP also document increases in stock price, analyst and institutional investor following, and ”
On the Use of Instrumental Variables in Accounting Research (2010, background): “For example, Leuz and Verrecchia (2000), Hail (2002), and Brown and Hillegeist (2007) find the expected negative relation between their disclosure proxies and selected measures for the cost of capital (or information asymmetry) after using IV estimation.”
Economic Consequences of Financial Reporting and Disclosure Regulation: A Review and Suggestions for Future Research (2008, positive): “Consistent with the bonding hypothesis, recent empirical work by Reese and Weisbach (2002), Lang, Lins and Miller (2003a), Lang, Raedy and Yetman (2003b), Doidge, Karolyi, and Stulz, 2004, Bailey, Karolyi, and Salva (2006), and Hail and Leuz (2006) shows that foreign firms with cross listings in the”
Intellectual capital disclosure, cost of finance and firm value (2009, background): “…f(IC disclosure, size, leverage, analysts’ forecast dispersion, market-to-book, negative earnings, earnings variability, industry dummies, country dummies) Previous studies (Botosan, 1997; Sengupta, 1998; Hail, 2002; Brown et al., 2004) find that cost of finance is negatively associated with size.”
The impact of voluntary disclosure on cost of equity capital estimates in a temporal setting (2007, methodology): “Validity of VRSCORE and DRANK Since the scoring procedure depends largely on subjective judgement and perception by the coder (Hail, 2002), proving the validity of VRSCORE is crucial.”
Determinants of CSR disclosure quantity and quality: Evidence from non-financial listed firms in Saudi Arabia (2016, background): “Prior research suggests that the quality of the auditor is an important factor in improving the ﬁ rms ’ overall reporting practices (for example, Hail, 2002; Hussainey et al, 2011; Hassanein and Hussainey, 2015).”
Factors affecting corporate social responsibility disclosure in Egypt (2011, background): “Bharath et al. (2009) investigate the extent to which information asymmetry is considered as one of the determinants of corporate capital structure decisions.”
Mitigating information asymmetry through sustainability assurance: The role of accountants and levels of assurance (2017, background): “This arises when the selection of the disclosure policy is a strategic decision considering the costs versus the benefits of increasing disclosure and thus the proposed models might suffer from self-selection bias (Hail, 2002).”
Social Capital, Investments and External Financing (2015, positive): “Prior evidence suggests that firms that reduce information asymmetry have better access to cheap external financing (e.g., Botosan, 1997; Verrecchia, 2001; Hail, 2002; Francis et al. 2004).”
Regulatory Competition Among Accounting Standards within and Across International Boundaries (2002, background): “The argument of Hayek (1945) for the dominance of competitive markets over central planning rested on the ability of markets, under classical conditions, to aggregate such information to arrive at efficient prices and allocations.”
Shareholder rights, financial disclosure and the cost of equity capital (2006, methodology): “The second stream examines how corporate disclosure policies influence firms’ costs of equity capital (e.g., Botosan, 1997; Botosan and Plumlee, 2002; Easley and O’Hara, 2004; Hail, 2002 ).”
The endogeneity bias in the relation between cost-of-debt capital and corporate disclosure policy (2005, positive): “…and then solve for the structural parameters in terms of reduced form parameters. the relation between cost-of-capital and disclosure (Welker, 1995; Hail, 2002) and found that simultaneity bias does not appear to invalidate the results of OLS estimation.15 We first discuss (1) costs of…”