Economics Assignment代写:安全和收益分配

2017-02-18 00:48

她的研究表明，估计风险的产生是因为投资者不知道返回的安全和收益分配。投资者和金融分析师利用所有现有的信息来预测未来的现金流。她还定义，估计风险越高的资本成本越高，因此估计风险不能多元化。 冰雹和Leuz（2007）说明了自愿性信息披露的影响管理决策。自愿性披露影响真实的管理决策，从而影响未来的现金流，因此公司的权益成本。 在实证研究的基础上，可以定义美国市场和欧洲市场。 对于美国来说，没有多少经验证据表明自愿性披露与资本成本有关。博托（1997）做了一个实证研究，在那里她定义的自愿性信息披露与资本成本之间的直接关系。她基于对122家美国制造公司的分析。她测试了公司的背景，非财务信息的公司，历史运作和管理发展分析。结果发现，低分析师覆盖的公司与自愿性信息披露的关联是非常重要的，而对于高分析师覆盖的公司协会是不那么重要。 后来，Botosan和普拉姆利检查668我们公司从不同的行业。他们考虑到两种类型的信息披露：自愿和强制性。研究的主要观点是，任何类型的披露水平和资本成本之间存在着负相关关系，但是，研究了这种关系随披露类型的不同而不同。还得出结论，更及时的披露更多地影响股票价格，因此权益成本。 盖尔布与查诺文进一步调查（2002）的重点是相关企业信息披露与股价信息含量。他们从几个不同的行业考虑了821家美国公司。这项研究的基础上的假设，即较高的披露水平较高的盈利反应系数。他们集中的披露水平导致更强的关系，目前的回报和未来的盈利。得出的结论是披露的水平更与股票价格，有更多的信息，未来的盈利。 根据欧洲市场的研究，有一些可以突出。首先值得一提的是冰雹（2002）。他基于对瑞士企业的实证研究，主要观点是公司披露与股权资本预期成本负相关关系。有只考虑从年报披露。报告显示，披露水平与权益资本成本之间存在显著的相关性。

Economics Assignment代写:安全和收益分配

Later, Botosan and Plumlee examined 668 US companies from the different industries. They take into account two types of disclosure: voluntary and mandatory. The main idea of the research was that any type of disclosure level and cost of capital have the negative relation, however, it was investigated that relation varies depending of the type of disclosure. It was also concluded that more timely disclosure more affects stock price and therefore cost of equity.

The further investigation by Gelb and Zarowin (2002) was focused on the correlation between corporate disclosure and stock price informativeness. They took into account 821 US companies from the several different industries. The study was based on the hypothesis that the higher disclosures level the higher earnings response coefficient. They concentrated that level of disclosure leads to stronger relation between current return and future earnings. There were concluded that level of disclosure is more associated with stock prices that has more information of future earnings.

Moving to researches that based on the European market, there are number of can be highlighted. First of all, it is worth mentioning Hail (2002). He based his empirical research on the Swiss firms and the main idea is the negative correlation between corporate disclosure and anticipated cost of equity capital. There was taken into account only disclosure from the annual reports. The report had shown that there is significant correlation between level of disclosure and cost of equity capital.

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