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Please use this identifier to cite or link to this item: http://repository.li.mahidol.ac.th/dspace/handle/123456789/31448
Title: The effect of information disclosure on information asymmetry
Authors: Chiraphol N. Chiyachantana
Neeranuch Nuengwang
Nareerat Taechapiroontong
Pakpoom Thanarung
Western University
Mahidol University
Keywords: Business, Management and Accounting;Economics, Econometrics and Finance
Issue Date: 1-Jan-2013
Citation: Investment Management and Financial Innovations. Vol.10, No.1 (2013), 225-234
Abstract: This study investigates the relation among information disclosure, firm characteristics and information asymmetry. The authors find evidence consistent with the notion that increasing corporate disclosure and transparency reduces the asymmetric information between informed and uninformed investors. The findings indicate a strong relation between firm characteristics and level of information disclosure. Larger firms, firms with high growth opportunity and superior performance are associated with higher level of information disclosure. With respect to type of information, large firms, firms with superior operating performance, high growth opportunity are likely to disclose the investment and structural change as well as legal and miscellaneous information. Furthermore, the empirical findings indicate that listed companies with high corporate transparency and disclosure have low relative bid-ask spreads and high share turnover. Conclusively, the evidence supports the notion that increasing corporate disclosure and transparency reduce the asymmetric information between informed and uninformed traders. © Authors, 2013.
URI: https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=84877710349&origin=inward
http://repository.li.mahidol.ac.th/dspace/handle/123456789/31448
ISSN: 18129358
18104967
Appears in Collections:Scopus 2011-2015

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