Essays on Disclosure
Posted: 13 Nov 2001
There are 2 versions of this paper
Abstract
In this paper I attempt a taxonomy of the extant accounting literature on disclosure and suggest as categories: "association-based disclosure," work that studies the effects of disclosure on asset equilibrium prices and trading volume; "discretionary-based disclosure," work that examines managers' discretion in the disclosure of information about which they may have knowledge; and "efficiency-based disclosure," work that discusses which disclosure arrangements are preferred in the absence of prior knowledge of the information. In addition, in the final section of the paper, I discuss information asymmetry reduction as a starting point for a comprehensive theory of disclosure.
Keywords: Disclosure; Information asymmetry reduction; Cost of capital
JEL Classification: G12, G14, M41, M45
Suggested Citation: Suggested Citation
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