版權(quán)說明：本文檔由用戶提供并上傳，收益歸屬內(nèi)容提供方，若內(nèi)容存在侵權(quán)，請進行舉報或認領(lǐng)
文檔簡介
1、1外文翻譯原文：WhydoweneedmatedrulesofpublicdisclosurefbanksTHEECONOMICACCOUNTINGRESEARCHINDISCLOSUREBynowthedisclosurerelatedliteraturehasdevelopedintoadistinctbranchofeconomicaccountingresearch.FollowingataxonomysuggestedbyVe
2、rrecchia10onecandistinguishthreemajresearchproblemsconfrontedbytheliterature.Firstresearchseeksanswerstothegeneralquestionaboutwhetherinfmationdisclosureiseconomicallyefficientingeneral.Theistssuggestatwofoldexplanationf
3、thepersedesirabilityofinfmationdisclosure.1110OntheonehKunkel12showsthatinaneconomyincludingbothproductionexchangeinfmationdisclosuremaybypreferredbecausealteredproductionplansleadtomeefficientallocationofresourcesacross
4、timefirms.OntheotherhDiamond13alsosuggeststhatinapureexchangesettingwithcostlyacquisitionofprivateinfmationthe(costless)infmationdisclosureisdesirablebecauseitwillallowinveststoeconomiesontheacquisitionofprivateinfmation
5、makethembetteroffdespiteadverserisksharingeffects.Thelatterapproachhasbeenmepopulardevelopingintotheeticalconstructswithtestablepredictions.Inparticulartheresearchshowsthattheexistenceofprivatelyheldinfmationcanleadtoinv
6、estsdemingeitheraliquiditypremium1415acompensationfcompetitivedisadvantage16publicdisclosurecanlowerthecostofcapitalsinceitmakesprivateinfmationpublicthusreducestheinfmationasymmetrycomponentofthecostofcapital.Anumberofe
7、mpiricalstudieshavesupptedthepredictionofthenegativerelationbetweendisclosurethecostofcapital17–23thusestablishinganimptantlinkbetweeninfmationdisclosureeconomicefficiency.Anotherstrofthedisclosurerelatedresearchfocuseso
8、ntheeffectofinfmationdisclosureontheaggregatebehaviofeconomicagentsinparticularonthebehavioffinancialmarketaggregateslikestockpricestradingvolume.Theliteratureattemptstoexplainempiricallyobservedphenomenaintheassociation
9、betweeninfmationdisclosuremarketresponsesusingplausibleassumptionsaboutdiversityamongmarketparticipants.1024Theistshave3theproblemofproprietarycosts.VerrecchiaDarroughStoughtonNewmanSansing，manyothershypothesizethatfirms
10、’decisiontodiscloseinfmationtoinvestsisinfluencedbyconcernthatsuchdisclosurescandamagetheircompetitivepositioninproductmarkets.Anotherargumentpointstothecostsassociatedwithuncertaintyaboutthequalityofinfmationbeingdisclo
11、sed.Theuncertaintywksasadisclosurecostbecauseitcreatesdoubtinthemindsoftheuninfmedtherebyreducesthebenefitsofinfmationdisclosurefromameliatingtheadverseionproblem.Althoughsuggestingdifferenttypesofuncertaintytheeticalcon
12、structsbyDye51TeohHwang52Nagar53etcshowthatfirms(managers)arebetteroffiftheyconcealsomediscretionaryinfmation.Finallytheliteratureagainreststotheinstitutionalfactstoexplainhigh(cpatepersonal)costsofdisclosingunfavablefwa
13、rdlookinginfmation.Thehypothesesadvancedinacademicliteraturearegenerallyrobustwithrespecttotheactualmotiveswhyfirms’managementmarketparticipantsfav(oppose)disclosure.AstudybyPricewaterhouseCoopersreptsthatinanopinionpoll
14、ofCEOstradersanalyststhemostfrequentlystatedbenefitofimprovedcpatedisclosureistheincreasedcredibilityofmanagement.Otherfrequent(positive)responsesalsoincludeincreasednumberoflongterminvestsimprovedaccesstonewcapitalincre
15、asedanalystfollowing，increasedsharevalue.Stillfirms’managementseesdisclosureonaveragelessfavablythanthemarketparticipantsbecausetheCEOseitherdonotexpectthemarkettorewardthemftheimproveddisclosure(‘themarketlooksonlyatear
16、nings’‘themarketwon’tbesatisfiedevenifgivenadditionalinfmation’‘nobodybelievesdisclosedfigures’etc)wryaboutadditionalcosttheymayincurifdisclosedfurther(‘sharevaluewoulddeclineifbadresultfigures’‘competitivedisadvantageif
17、competitsnewtheinfmation’etc).Thediscussionshowsthatwhileinfmationdisclosureissociallydesirabletheinterplaybetweenitsbenefitscostsmayleadtopartialnodisclosureonethereuponshouldaskwhetherthedisclosureshouldbevoluntarymaty
18、.Theexplicitregulatyrequirementfpubliclytradedfirmstodisclosetheirinfmationwasfirstsetupinthe1930sintheUnitedStates.HisticallyUSlegislatswereprimarilyconcernedwithprotectingillinfmedoutsideinvestsinsuringtradeatfairprice
溫馨提示
- 1. 本站所有資源如無特殊說明，都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請下載最新的WinRAR軟件解壓。
- 2. 本站的文檔不包含任何第三方提供的附件圖紙等，如果需要附件，請聯(lián)系上傳者。文件的所有權(quán)益歸上傳用戶所有。
- 3. 本站RAR壓縮包中若帶圖紙，網(wǎng)頁內(nèi)容里面會有圖紙預(yù)覽，若沒有圖紙預(yù)覽就沒有圖紙。
- 4. 未經(jīng)權(quán)益所有人同意不得將文件中的內(nèi)容挪作商業(yè)或盈利用途。
- 5. 眾賞文庫僅提供信息存儲空間，僅對用戶上傳內(nèi)容的表現(xiàn)方式做保護處理，對用戶上傳分享的文檔內(nèi)容本身不做任何修改或編輯，并不能對任何下載內(nèi)容負責(zé)。
- 6. 下載文件中如有侵權(quán)或不適當(dāng)內(nèi)容，請與我們聯(lián)系，我們立即糾正。
- 7. 本站不保證下載資源的準(zhǔn)確性、安全性和完整性, 同時也不承擔(dān)用戶因使用這些下載資源對自己和他人造成任何形式的傷害或損失。
評論
0/150
提交評論