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文章基本信息

  • 标题:The Relevance Of Discretionary Disclosures: Predictive Value Versus Feedback Value
  • 本地全文:下载
  • 作者:William Wilcox ; Kevin Berry ; David J. Quirin
  • 期刊名称:Journal of Business & Economics Research
  • 印刷版ISSN:1542-4448
  • 电子版ISSN:2157-8893
  • 出版年度:2010
  • 卷号:8
  • 期号:3
  • 语种:English
  • 出版社:The Clute Institute for Academic Research
  • 摘要:This study contributes to the body of literature examining the role of discretionary disclosures. The primary theoretical contribution is a distinction between predictive value and feedback value. We use the Ohlson Model and examine the role of information as an endogenous variable in modeling the impact of disclosures on returns, which is a key methodological contribution to this stream of literature. Using a sample of 121 firms from the AIMR’s Corporate Information Committee for 1982-1994 we find that the expanded firm disclosures did possess predictive value, but they did not possess significant feedback value. These results have important policy implications since the relative costs and benefits of disclosures with predictive value differ from those with feedback value.
  • 关键词:discretionary disclosures;predictive value;feedback value;Ohlson Model
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