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題名 Disclosure Levels, Stock Market Liquidity, and Earnings Quality: Evidence from Taiwan
作者 郭弘卿;Hsiu-Chin Lin
貢獻者 會計系
關鍵詞 Disclosure; Information transparency; Earnings quality; Liquidity
日期 2014
上傳時間 19-十一月-2014 10:42:47 (UTC+8)
摘要 In 2003, authorities in Taiwan launched a system to annually rank listed firms according to disclosure levels to encourage increasing disclosure levels so as to reduce the cost of capital. This study explores the relation between disclosure levels (as proxied by the ranking results of the system) and market liquidity (as measured by effective bid-ask spreads) to empirically test whether the objective of the system can be achieved. In examining the relation between disclosure and the cost of capital, Francis et al. [1] find that the relation between the constructs is caused because disclosure is merely seen as a proxy for earnings quality. Following Francis et al. [1], this study examines whether earnings quality plays a role in the relation between disclosure and liquidity. The results of the study reveal that market liquidity is better for firms with higher levels of disclosure. In addition, this study finds that market liquidity is higher (lower) for firms with higher (lower) earnings quality. Finally, in contrast to Francis et al. [1], this study finds no significant difference in the relation between disclosure levels and liquidity after controlling for earnings quality, which indicates that, aside from earnings quality, information disclosure is also affected by other factors.
關聯 The Austin Journal of Accounting, Audit and Finance Management, Vol.1, No.1, pp.1-11
資料類型 article
dc.contributor 會計系en_US
dc.creator (作者) 郭弘卿;Hsiu-Chin Linzh_TW
dc.date (日期) 2014en_US
dc.date.accessioned 19-十一月-2014 10:42:47 (UTC+8)-
dc.date.available 19-十一月-2014 10:42:47 (UTC+8)-
dc.date.issued (上傳時間) 19-十一月-2014 10:42:47 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/71545-
dc.description.abstract (摘要) In 2003, authorities in Taiwan launched a system to annually rank listed firms according to disclosure levels to encourage increasing disclosure levels so as to reduce the cost of capital. This study explores the relation between disclosure levels (as proxied by the ranking results of the system) and market liquidity (as measured by effective bid-ask spreads) to empirically test whether the objective of the system can be achieved. In examining the relation between disclosure and the cost of capital, Francis et al. [1] find that the relation between the constructs is caused because disclosure is merely seen as a proxy for earnings quality. Following Francis et al. [1], this study examines whether earnings quality plays a role in the relation between disclosure and liquidity. The results of the study reveal that market liquidity is better for firms with higher levels of disclosure. In addition, this study finds that market liquidity is higher (lower) for firms with higher (lower) earnings quality. Finally, in contrast to Francis et al. [1], this study finds no significant difference in the relation between disclosure levels and liquidity after controlling for earnings quality, which indicates that, aside from earnings quality, information disclosure is also affected by other factors.en_US
dc.format.extent 162 bytes-
dc.format.mimetype text/html-
dc.language.iso en_US-
dc.relation (關聯) The Austin Journal of Accounting, Audit and Finance Management, Vol.1, No.1, pp.1-11en_US
dc.subject (關鍵詞) Disclosure; Information transparency; Earnings quality; Liquidityen_US
dc.title (題名) Disclosure Levels, Stock Market Liquidity, and Earnings Quality: Evidence from Taiwanen_US
dc.type (資料類型) articleen