How disclosure quality affects the level of information asymmetry

被引：357

作者：

Brown, Stephen

Hillegeist, Stephen A.

机构：

[1] INSEAD, Accounting & Control Area, F-77305 Fontainebleau, France

[2] Emory Univ, Dept Accounting, Goizueta Business Sch, Atlanta, GA 30322 USA

来源：

REVIEW OF ACCOUNTING STUDIES | 2007年 / 12卷 / 2-3期

关键词：

disclosure quality; information asymmetry; informed trading; private information events;

D O I：

10.1007/s11142-007-9032-5

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine two potential mechanisms through which disclosure quality is expected to reduce information asymmetry: (1) altering the trading incentives of informed and uninformed investors so that there is relatively less trading by privately informed investors, and (2) reducing the likelihood that investors discover and trade on private information. Our results indicate that the negative relation between disclosure quality and information asymmetry is primarily caused by the latter mechanism. While information asymmetry is negatively associated with the quality of the annual report and investor relations activities, it is positively associated with quarterly report disclosure quality. Additionally, we hypothesize and find that that the negative association between disclosure quality and information asymmetry is stronger in settings characterized by higher levels of firm-investor asymmetry.

引用

页码：443 / 477

页数：35

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