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dc.contributor.advisor Schipper, Katherine en_US
dc.contributor.author Evans, Mark en_US
dc.date.accessioned 2008-09-03T14:11:01Z
dc.date.available 2008-09-03T14:11:01Z
dc.date.issued 2008-06-04 en_US
dc.identifier.uri http://hdl.handle.net/10161/832
dc.description Dissertation en_US
dc.description.abstract <p>I examine the relation between a corporate commitment to increased disclosure and measures of liquidity, information asymmetry, and cost of equity capital. Relative to prior research on voluntary disclosure, I use a composite, ex ante measure of commitment based in social psychology and measure commitment using characteristics of earnings announcement disclosures. Prior to Regulation Fair Disclosure (Reg FD) I find that commitment to increased disclosure is negatively related to bid-ask spreads, probability of informed trade (PIN) scores, and implied cost of capital estimates. Further analysis reveals that the disclosure of balance sheet information in earnings releases is significantly related to spreads and PINs, regardless of firms' conference call behavior, while the combination of consistent open calls and disclosure of balance sheet information in earnings releases yields the most significant results for cost of capital. After the effective date of Reg FD I find that commitment is negatively related to PIN scores and implied cost of capital estimates, but not related to bid-ask spreads. Further analysis reveals that the disclosure of balance sheet information in earnings releases is significantly related to PINs and cost of capital, regardless of firms' conference call behavior.</p> en_US
dc.format.extent 1524330 bytes
dc.format.mimetype application/pdf
dc.language.iso en_US
dc.subject Business Administration, Accounting en_US
dc.subject Business Administration, General en_US
dc.subject Disclosure en_US
dc.subject commitment en_US
dc.subject liquidity en_US
dc.subject information asymmetry en_US
dc.subject cost of capital en_US
dc.title An Empirical Examination of the Commitment to Increased Disclosure en_US
dc.type Dissertation en_US
dc.department Business Administration en_US
duke.embargo.months 24 en_US
dc.date.accessible 2010-06-04T05:00:03Z

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