资本成本
经济
首都(建筑)
实物资本
业务
金融资本
加权平均资本成本
经济资本
财务
固定资本
资本结构
货币经济学
资本回报率
投资(军事)
微观经济学
地理
利润(经济学)
考古
作者
David Easley,Maureen O’Hara
标识
DOI:10.1111/j.1540-6261.2004.00672.x
摘要
ABSTRACT We investigate the role of information in affecting a firm's cost of capital. We show that differences in the composition of information between public and private information affect the cost of capital, with investors demanding a higher return to hold stocks with greater private information. This higher return arises because informed investors are better able to shift their portfolio to incorporate new information, and uninformed investors are thus disadvantaged. In equilibrium, the quantity and quality of information affect asset prices. We show firms can influence their cost of capital by choosing features like accounting treatments, analyst coverage, and market microstructure.
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