Information And The Cost of Capital  

Oleh:

Easley, David ; O'Hara, Maureen

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 59 no. 4 (Aug. 2004), page 1553-1584.
Topik: FINANCIAL; capital formation; studies; financial management; information; correlation analysis
Fulltext: p 1553.pdf (193.84KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We investigate the role of information in affecting a firm's cost of capital. We show that differences in the composition of information between public and private information affect the cost of capital, with investors demanding a higher return to hold stocks with greater private information. This higher return arises because informed investors are better able to shift their portfolio to incorporate new information, and uninformed investors are thus disadvantaged. In equilibrium, the quantity and quality of information affect asset prices. We show firms cans influence their cost of capital by choosing features like accounting treatments, analyst coverage, and market microstructure.

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