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Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature

Published Date: September 1, 2001

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Financial reporting and disclosure are potentially important means for management to communicate firm performance and governance to outside investors. We provide a framework for analyzing managers’ reporting and disclosure decisions in a capital markets setting, and identify key research questions. We then review current empirical research on disclosure regulation, information intermediaries, and the determinants and economic consequences of corporate disclosure. Our survey concludes that current research has generated a number of useful insights. We identify many fundamental questions that remain unanswered, and changes in the economic environment that raise new questions for research.

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2 Comments

  1. RobertVady
    RobertVady April 29, 2015 at 4:17 am .

    I keep coming back to this paper in all the readings I am doing on this topic!

  2. RobertVady
    RobertVady April 30, 2015 at 1:52 pm .

    I have been referencing this paper on all my research. thanks!

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