| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15658 |
| DP15658 Information Complementarities and the Dynamics of Transparency Shock Spillovers | |
| Shantanu Banerjee; Sudipto Dasgupta; RUI SHI; Jiali Yan | |
| 发表日期 | 2021-01-11 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We show that information complementarities play an important role in the spillover of transparency shocks. We exploit staggered revelation of financial misconduct by S&P500 firms and find that the implied cost of capital increases for “close” industry peers relative to “distant” peers. Disclosure also increases. The effects are particularly strong when the close peers share common analysts and institutional ownership with the fraudulent firm. While disclosure remains high for the next four years, with sustained disclosure, the cost of equity starts to decrease. Firms’ financing patterns tilt more towards debt financing initially at the expense of equity, but eventually revert. |
| 主题 | Financial Economics |
| 关键词 | Cost of equity Disclosure transparency Information environment Information complementarity |
| URL | https://cepr.org/publications/dp15658 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544670 |
| 推荐引用方式 GB/T 7714 | Shantanu Banerjee,Sudipto Dasgupta,RUI SHI,et al. DP15658 Information Complementarities and the Dynamics of Transparency Shock Spillovers. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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