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- W3125896111 abstract "We provide evidence that firms with more transparent earnings enjoy a lower cost of capital. We develop an earnings transparency measure that captures cross-sectional and intertemporal variation in the extent to which earnings and change in earnings covary contemporaneously with stock returns. We find that firms with more transparent earnings have a lower cost of capital as reflected in cross-sectional variation in subsequent excess returns and mean differences in returns, after controlling for the Fama-French and momentum factors. We also find that more transparent earnings are significantly negatively associated with expected equity cost of capital. Prior research reports a significant relation between a value relevance measure, which bears some resemblance to our earnings transparency measure, and cost of capital. We show that these relations are not significant after correcting for cross-sectional correlation in residuals, which is consistent with the measure used in prior research lacking intertemporal variation." @default.
- W3125896111 created "2021-02-01" @default.
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- W3125896111 date "2008-12-01" @default.
- W3125896111 modified "2023-09-27" @default.
- W3125896111 title "Cost of Capital and Earnings Transparency" @default.
- W3125896111 hasPublicationYear "2008" @default.
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