How Long to Read An Investigation of the Causal Effect of Voluntary Disclosure Quality on Cost of Equity Capital

How Long Does it Take to Read An Investigation of the Causal Effect of Voluntary Disclosure Quality on Cost of Equity Capital?

It takes the average reader 1 hour and 35 minutes to read An Investigation of the Causal Effect of Voluntary Disclosure Quality on Cost of Equity Capital by Andreas Zweifel

Assuming a reading speed of 250 words per minute. Learn more

Description

Master's Thesis from the year 2012 in the subject Economics - Finance, grade: 5.5, University of Zurich (Department of Banking and Finance), course: Economics and Finance, language: English, abstract: Does voluntary disclosure quality pay off? And if so, what are the driving forces behind the relationship of voluntary disclosure quality and the cost of equity capital? This study addresses these and other questions in the context of analyzing the determinants of the cost of equity capital for Swiss firms. The relation between voluntary disclosure quality and cost of equity capital is widely known to be affected by self-selection. Potential endogeneity bias is controlled for by adopting a two-stage least squares approach in a cross-sectional setting. Voluntary disclosure quality is proxied by the annual reports disclosure scores for a well-diversified sample of Swiss firms as developed by the Department of Banking and Finance of the University of Zurich. Further, an ex-ante cost of capital metric derived from the dividend discount model is used in this study. Empirical evidence shows that the association between voluntary disclosure quality and cost of equity differs with a firm's stock listing history. While the relation is predicted to be negative for firms at the IPO stage, it is likely reversed at some point in a firm's stock listing history. These results suggest that analysts' information processing activities negatively moderate the impact of voluntary disclosure quality on firm value. Importantly, the predicted interaction between voluntary disclosure quality and stock listing history remains significant when adjusting for endogeneity.

How long is An Investigation of the Causal Effect of Voluntary Disclosure Quality on Cost of Equity Capital?

An Investigation of the Causal Effect of Voluntary Disclosure Quality on Cost of Equity Capital by Andreas Zweifel is 94 pages long, and a total of 23,876 words.

This makes it 32% the length of the average book. It also has 29% more words than the average book.

How Long Does it Take to Read An Investigation of the Causal Effect of Voluntary Disclosure Quality on Cost of Equity Capital Aloud?

The average oral reading speed is 183 words per minute. This means it takes 2 hours and 10 minutes to read An Investigation of the Causal Effect of Voluntary Disclosure Quality on Cost of Equity Capital aloud.

What Reading Level is An Investigation of the Causal Effect of Voluntary Disclosure Quality on Cost of Equity Capital?

An Investigation of the Causal Effect of Voluntary Disclosure Quality on Cost of Equity Capital is suitable for students ages 10 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

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An Investigation of the Causal Effect of Voluntary Disclosure Quality on Cost of Equity Capital by Andreas Zweifel is sold by several retailers and bookshops. However, Read Time works with Amazon to provide an easier way to purchase books.

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