The Effect of Information Disclosure on Information Asymmetry
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....
Saved in:
Main Authors: | , , , |
---|---|
Format: | text |
Language: | English |
Published: |
Institutional Knowledge at Singapore Management University
2013
|
Subjects: | |
Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/4605 https://ink.library.smu.edu.sg/context/lkcsb_research/article/5604/viewcontent/imfi_en_2013_01cont_Chiyachantana.pdf |
Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
Institution: | Singapore Management University |
Language: | English |
id |
sg-smu-ink.lkcsb_research-5604 |
---|---|
record_format |
dspace |
spelling |
sg-smu-ink.lkcsb_research-56042018-07-10T05:37:24Z The Effect of Information Disclosure on Information Asymmetry CHIYACHANTANA, Chiraphol New Nuengwang, Neeranuch Taechapiroontong, Nareerat Thanarung, Pakpoom 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. 2013-01-01T08:00:00Z text application/pdf https://ink.library.smu.edu.sg/lkcsb_research/4605 https://ink.library.smu.edu.sg/context/lkcsb_research/article/5604/viewcontent/imfi_en_2013_01cont_Chiyachantana.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection Lee Kong Chian School Of Business eng Institutional Knowledge at Singapore Management University information disclosure firm characteristics disclosure policy Finance and Financial Management Portfolio and Security Analysis |
institution |
Singapore Management University |
building |
SMU Libraries |
continent |
Asia |
country |
Singapore Singapore |
content_provider |
SMU Libraries |
collection |
InK@SMU |
language |
English |
topic |
information disclosure firm characteristics disclosure policy Finance and Financial Management Portfolio and Security Analysis |
spellingShingle |
information disclosure firm characteristics disclosure policy Finance and Financial Management Portfolio and Security Analysis CHIYACHANTANA, Chiraphol New Nuengwang, Neeranuch Taechapiroontong, Nareerat Thanarung, Pakpoom The Effect of Information Disclosure on Information Asymmetry |
description |
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. |
format |
text |
author |
CHIYACHANTANA, Chiraphol New Nuengwang, Neeranuch Taechapiroontong, Nareerat Thanarung, Pakpoom |
author_facet |
CHIYACHANTANA, Chiraphol New Nuengwang, Neeranuch Taechapiroontong, Nareerat Thanarung, Pakpoom |
author_sort |
CHIYACHANTANA, Chiraphol New |
title |
The Effect of Information Disclosure on Information Asymmetry |
title_short |
The Effect of Information Disclosure on Information Asymmetry |
title_full |
The Effect of Information Disclosure on Information Asymmetry |
title_fullStr |
The Effect of Information Disclosure on Information Asymmetry |
title_full_unstemmed |
The Effect of Information Disclosure on Information Asymmetry |
title_sort |
effect of information disclosure on information asymmetry |
publisher |
Institutional Knowledge at Singapore Management University |
publishDate |
2013 |
url |
https://ink.library.smu.edu.sg/lkcsb_research/4605 https://ink.library.smu.edu.sg/context/lkcsb_research/article/5604/viewcontent/imfi_en_2013_01cont_Chiyachantana.pdf |
_version_ |
1770572309720989696 |