Corporate disclosure: a review of its (direct and indirect) benefits and costs

International Economics - Tập 128 - Trang 5-31 - 2011
Etienne Farvaque, Catherine Refait-Alexandre, Dhafer Saïdane

Tài liệu tham khảo

Admati, 2000, Forcing firms to talk: Financial disclosure regulation and externalities, Review of Financial Studies, 13, 479, 10.1093/rfs/13.3.479 Ahmed, 2007, The impact of regulation fair disclosure on investors' prior information quality — evidence from an analysis of changes in trading volume and stock price reactions to earnings announcements, Journal of Corporate Finance, 13, 282, 10.1016/j.jcorpfin.2006.11.003 Akhigbe, 2006, Valuation impact of Sarbanes-Oxley: Evidence from disclosure and governance within the financial services industry, Journal of Banking & Finance, 30, 989, 10.1016/j.jbankfin.2005.06.002 Arruñada, 2011, Mandatory accounting disclosure by small private companies, European Journal of Law and Economics, 32, 377, 10.1007/s10657-010-9145-3 Arping Asthana, 2009, The Effect of Enron, Anderson and Sarbanes–Oxley on the market for audit service, Journal of Accounting and Public Policy, 22 Auger, 2008, The economic impact of the lack of transparency in financial reporting, Atlantic Economic Journal, 36, 105, 10.1007/s11293-007-9107-5 Barlev, 2003, Fair value accounting and the management of the firm, Critical Perspectives on Accounting, 14, 383, 10.1016/S1045-2354(02)00139-9 Barron, 2005, Evidence on the existence of private event-period information around earnings announcements, The Accounting Review, 80, 403, 10.2308/accr.2005.80.2.403 Berle, 1932 Bethel, 2007, Recent changes in disclosure regulation: Description and evidence, Journal of Corporate Finance, 13, 335, 10.1016/j.jcorpfin.2007.03.005 Boot, 2001, The many faces of information disclosure, Review of Financial Studies, 14, 1021, 10.1093/rfs/14.4.1021 Botosan, 1997, Disclosure level and the cost of equity capital, Accounting Review, July, 72, 323 Botosan, 2000, Evidence that greater disclosure lowers the cost of equity capital, Journal of Applied Corporate Finance, 12, 60, 10.1111/j.1745-6622.2000.tb00019.x Botosan, 2002, A re-examination of disclosure level and expected cost of equity capital, Journal of Accounting Research, 40, 21, 10.1111/1475-679X.00037 Chandler, 1997, Accountability and disclosure: Director's remuneration in privatized utilities, Public Money & Management, 17, 43, 10.1111/1467-9302.00069 Chemla, G., Hennessy, C.A. 2011. Privately versus publicly optimal skin in the game: Optimal mechanism and security design, CEPR Discussion Paper, n°8403. Cheng, 2006, Shareholder rights, financial disclosure and the cost of equity capital, Review of Quantitative Financial Accounting, 27, 175, 10.1007/s11156-006-8795-2 Coates, 2007, The goals and promise of the Sarbanes–Oxley Act, Journal of Economic Perspectives, 21, 91, 10.1257/jep.21.1.91 Cordella, 1998, Public disclosure and bank failures, International Monetary Fund Staff Papers, 45, 110, 10.2307/3867331 Coles, 2008, Disclosure policy: A discussion of Leuz, Triantis and Wang (2008) on “going dark”, Journal of Accounting & Economics, 45, 209, 10.1016/j.jacceco.2008.01.002 Collver, 2007, Is there less informed trading after regulation fair disclosure?, Journal of Corporate Finance, 13, 270, 10.1016/j.jcorpfin.2006.11.002 Crémer, 1995, Arm's length relationship, Quarterly Journal of Economics, 110, 275, 10.2307/2118440 Criado-Jiménez, 2008, Compliance with mandatory environmental reporting in financial statements: The case of Spain (2001-2003), Journal of Business Ethics, 79, 245, 10.1007/s10551-007-9375-7 Damodaran, 2006 Demsetz, 1969, Information and efficiency: Another viewpoint, Journal of Law and Economics, 12, 1, 10.1086/466657 Diamond, 1991, Disclosure, liquidity and the cost of capital, Journal of Finance, 46, 1325, 10.1111/j.1540-6261.1991.tb04620.x Doidge, 2010, Why do foreign firms Leave U.S. equity markets?, The Journal of Finance, 65, 1507, 10.1111/j.1540-6261.2010.01577.x Dye, 1985, Strategic accounting choice and the effects of alternative financial reporting requirements, Journal of Accounting Research, 23, 544, 10.2307/2490826 Engel, 2007, The Sarbanes–Oxley Act and firms going-private decisions, Journal of Accounting and Economics, 44, 116, 10.1016/j.jacceco.2006.07.002 Fagotto, 2006, The effectiveness of regulatory disclosure policies, Journal of Policy Analysis and Management, 25, 155, 10.1002/pam.20160 Ferrell, 2007, Mandatory disclosure and stock returns: Evidence from the over-the-counter market, The Journal of Legal Studies, 36, 213, 10.1086/511898 Forker, 1992, Corporate governance and disclosure quality, Accounting & Business Research, 22, 111, 10.1080/00014788.1992.9729426 G20. 2007. Communiqué, Meeting of Ministers and Governors in Kleinmond, South Africa, 17-18 November. G20. 2009. Progress Report on the economic and financial actions of the London, Washington and Pittsburgh G20 summits, Prepared by the UK chair of the G20, St. Andrews, 7 November. Giannetti, 2007, Financial liberalization and banking crises : The role of capital inflows and lack of transparency, Journal of Financial Intermediation, 16, 32, 10.1016/j.jfi.2006.04.001 Goncharov, 2006, Does compliance with the german corporate governance code have an impact on stock valuation? An empirical analysis, Corporate Governance, 14, 432, 10.1111/j.1467-8683.2006.00516.x Gomes, 2007, SEC regulation fair disclosure, information, and the cost of capital, Journal of Corporate Finance, 13, 300, 10.1016/j.jcorpfin.2006.11.001 Graham, 2005, The economic implications of corporate financial reporting, Journal of Accounting and Economics, 40, 3, 10.1016/j.jacceco.2005.01.002 Hasman, 2008, Information acquisition and financial contagion, Journal of Banking & Finance, 32, 2136, 10.1016/j.jbankfin.2007.12.033 Healy, 2001, Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature, Journal of Accounting and Economics, 31, 405, 10.1016/S0165-4101(01)00018-0 Heflin, 2005, Disclosure quality and market liquidity: Impact of depth quotes and order sizes, Contemporary Accounting Research, 22, 829, 10.1506/EETM-FALM-4KDD-9DT9 Hermalin, B.E., Weisbach, M.S. 2007. Transparency and corporate governance, NBER Working paper No. W12875. Hermalin, B.E., Weisbach, M.S. 2008. Information disclosure and corporate governance. Fisher College of Business, Working Paper No. 2008-03-016. Hirshleifer, 1971, The private and social value of information and the reward to inventive activity, American Economic Review, 61, 561 Holder-Webb, 2008, A survey of governance disclosures among U.S. Firms, Journal of Business Ethics, 83, 543, 10.1007/s10551-007-9638-3 Holmstrom, 2003, The state of US corporate governance: What's right and what's wrong, Journal of Applied Corporate Finance, 15, 8, 10.1111/j.1745-6622.2003.tb00457.x Hope, 2003, Disclosure practices, enforcement of accounting standard's and analyst forecast accuracy: An international study, Journal of Accounting Research, 41, 235, 10.1111/1475-679X.00102 Jensen, 1976, Theory of the firm: Managerial behavior, agency costs, and ownership structure, Journal of Financial Economics, 3, 305, 10.1016/0304-405X(76)90026-X Kamar, 2009, Going-private decisions and the Sarbanes–Oxley Act of 2002: A cross-country analysis, Journal of Law, Economics and Organization, 25, 107, 10.1093/jleo/ewn019 Kim, 1994, Market liquidity and volume around earnings announcements, Journal of Accounting and Economics, 17, 41, 10.1016/0165-4101(94)90004-3 Khurana, 2006, Firm growth and disclosure: An empirical analysis, Journal of Financial and Quantitative Analysis, 41, 357, 10.1017/S0022109000002106 Lambert, 2007, Accounting information, disclosure, and the cost of capital, Journal of Accounting Research, 45, 385, 10.1111/j.1475-679X.2007.00238.x Lang, 1996, Corporate disclosure policy and analyst behavior, Accounting Review, 71, 467 Leuz, 2007, Was the Sarbanes–Oxley Act of 2002 really this Ccostly? A discussion of evidence from event returns and going-private decisions, Journal of Accounting and Economics, 44, 146, 10.1016/j.jacceco.2007.06.001 Leuz, 2000, The economic consequences of increased disclosures, Journal of Accounting Research, 36, 31 Leuz, 2008, Why do firms go dark? Causes and economic consequences of voluntary SEC deregistrations, Journal of Accounting & Economics, 45, 181, 10.1016/j.jacceco.2008.01.001 Leuz Litvak, 2007, The effect of the Sarbanes–Oxley Act on non-US companies cross-listed in the US, Journal of Corporate Finance, 13, 195, 10.1016/j.jcorpfin.2007.03.002 Marquardt, 2007, Economic consequences of financial reporting changes: Diluted EPS and contingent convertible securities, Review of Accounting Studies, 12, 487, 10.1007/s11142-007-9040-5 Morgan, 2002, Rating banks: Risk and uncertainty in an opaque industry, American Economic Review, 92, 874, 10.1257/00028280260344506 Mulherin, 2007, Measuring the costs and benefits of regulation: Conceptual issues in securities markets, Journal of Corporate Finance, 13, 421, 10.1016/j.jcorpfin.2007.02.005 Myers, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, 13, 187, 10.1016/0304-405X(84)90023-0 Nier, 2005, Bank stability and transparency, Journal of Financial Stability, 1, 342, 10.1016/j.jfs.2005.02.007 Olson, 1966 Patel, S.A., Dallas, G. 2002. Transparency and disclosure; overview of methodology and study results, United States, Standard & Poor's, New York, October 2002. Peltzman, 1976, Toward a more general theory of regulation, Journal of Law and Economics, 19, 211, 10.1086/466865 Prat, 2005, The wrong kind of transparency, American Economic Review, 95, 862, 10.1257/0002828054201297 Prescott, 2008, Should bank supervisors disclose information about their banks?, Economic Quarterly, 94, 1 Rezaee, 2005, Causes, consequences, and deterrence of financial statement fraud, Critical Perspectives on Accounting, 16, 277, 10.1016/S1045-2354(03)00072-8 Ripken, 2007 Rodrigues, 2007, An inconsistency in SEC disclosure requirements? The case of the insignificant private target, Journal of Corporate Finance, 13, 251, 10.1016/j.jcorpfin.2006.08.002 Romano, 2005, The Sarbanes–Oxley Act and the making of quack corporate governance, Yale Law Journal, 114, 1521 Shleifer, 1997, A survey of corporate governance, Journal of Finance, 52, 737, 10.1111/j.1540-6261.1997.tb04820.x Smith, 2007, Evaluating the boundaries of SEC regulation, Journal of Corporate Finance, 13, 189, 10.1016/j.jcorpfin.2007.03.003 Stigler, 1971, The theory of economic regulation, Bell Journal of Economics and Management Science, 2, 3, 10.2307/3003160 Tadesse, 2005 Tong, 2007, Disclosure standards and market efficiency: Evidence from analysts' forecasts, Journal of International Economics, 72, 222, 10.1016/j.jinteco.2006.11.004 Tsoukas, 1997, The tyranny of light: The temptations and the paradoxes of the information society, Futures, 29, 827, 10.1016/S0016-3287(97)00035-9 Verrecchia, 2001, Essays on disclosure, Journal of Accounting and Economics, 32, 91, 10.1016/S0165-4101(01)00025-8 Vishwanath, 1999, Towards transparency in finance and governance. New approaches and their application to financial markets, The World Bank Research Observer, 16, 41, 10.1093/wbro/16.1.41 Wintoki, 2007, Corporate boards and regulation: The effect of the Sarbanes–Oxley Act and the exchange listing requirements on firm value, Journal of Corporate Finance, 13, 229, 10.1016/j.jcorpfin.2007.03.001 Zhang, 2007, Economic consequences of the Sarbanes–Oxley Act of 2002, Journal of Accounting and Economics, 44, 74, 10.1016/j.jacceco.2007.02.002 Blinder, 2008, Central Bank communication and monetary policy: A survey of theory and evidence, Journal of Economic Literature, 46, 910, 10.1257/jel.46.4.910 Bushee, 2005, Economic consequences of SEC disclosure regulation: Evidence from the OTC Bulletin Board, Journal of Accounting and Economics, 39, 233, 10.1016/j.jacceco.2004.04.002 Bushman, 2004, What determines corporate transparency?, Journal of Accounting Research, 42, 207, 10.1111/j.1475-679X.2004.00136.x Lang, 1993, Cross-sectional determinants of analyst ratings of corporate disclosures, Journal of Accounting Research, 31, 246, 10.2307/2491273 Plantin, 2008, Marking-to-Market: Panacea or Pandora's Box?, Journal of Accounting Research, 46, 435, 10.1111/j.1475-679X.2008.00281.x