Disclosure and the cost of capital: A discussion |
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Affiliation: | The Wharton School, University of Pennsylvania, 2400 Steinberg Hall-Dietrich Hall, Philadelphia, PA 19104-6365, USA |
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Abstract: | In this discussion I comment on the contribution of two papers toward our understanding of how disclosure affects the cost of capital. Specifically, in the context of these papers, I comment on whether disclosure ameliorates or exacerbates the cost of capital that arises from the existence of information asymmetries in capital markets. This is a notion that should be of fundamental interest in that it provides an economic basis for evaluating the costs and benefits of accounting information. |
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