Corporate Disclosure, Market Valuation, and Firm Performance

被引：56
|
作者：
Jiao, Yawen [1 ]
机构：
[1] Rensselaer Polytech Inst, Lally Sch Management & Technol, Troy, NY 12180 USA
来源：
FINANCIAL MANAGEMENT | 2011年 / 40卷 / 03期
关键词：
RETURNS; MANAGEMENT; GOVERNANCE; OWNERSHIP; INVESTORS; BEHAVIOR; COST; RISK;
D O I：
10.1111/j.1755-053X.2011.01156.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this paper, I study the relationship between the Association for Investment Management and Research disclosure rankings and several corporate performance measures. I find a positive relationship between these rankings and stock returns. Furthermore, disclosure rankings are highly correlated with firm value. Specifically, Qs of firms ranked at the top of disclosure rankings are 35% higher than those of firms ranked at the bottom. I also find positive associations between disclosure rankings and future net profit margins, sales growth, and research and development intensity. Finally, I document a positive correlation between changes in disclosure rankings and future earnings surprises.
引用
收藏
页码：647 / 676
页数：30
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