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Segment disclosure and cost of capital

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dc.affiliation.dptoUC3M. Departamento de Economía de la Empresaes
dc.contributor.authorBlanco, Belén
dc.contributor.authorGarcía-Lara, Juan M.
dc.contributor.authorTribó, Josep A.
dc.contributor.funderComunidad de Madrides
dc.contributor.funderMinisterio de Ciencia e Innovación (España)es
dc.date.accessioned2022-06-29T16:33:34Z
dc.date.available2022-06-29T16:33:34Z
dc.date.issued2015-05-01
dc.description.abstractWe investigate whether segment disclosure influences cost of capital. Improved segment reporting is expected to decrease cost of capital by reducing estimation risk. However, in a competitive environment segment disclosure may also generate uncertainties about future prospects and lead to a larger cost of capital. Asset-pricing tests confirm that segment disclosure is a priced risk factor. Also, segment disclosure reduces ex-ante estimates of cost of equity capital and other measures connected to risk. These results suggest a negative relation between segment disclosure and cost of capital. Our results also show that competition reduces, but does not eliminate, the previous relationship.en
dc.description.sponsorshipWe acknowledge financial assistance from the Spanish Ministry of Economy and Competitiveness (ECO2013-48328-C3-3-P, ECO2010-19314, ECO2009-10796 and, ECO2012-36559), the European Commission INTACCT Research Training Network (MRTN-CT-2006-035850), the Fundación Ramón Areces, and the government of the Autonomous Community of Madrid (Grant # 2008/00037/001).en
dc.identifier.bibliographicCitationBlanco, B., Garcia Lara, J. M., & Tribo, J. A. (2015). Segment Disclosure and Cost of Capital. Journal of Business Finance & Accounting, 42 (3-4), pp. 367-411. https://doi.org/10.1111/jbfa.12106es
dc.identifier.doihttps://doi.org/10.1111/jbfa.12106
dc.identifier.issn0306-686X
dc.identifier.publicationfirstpage367es
dc.identifier.publicationissue3-4es
dc.identifier.publicationlastpage411es
dc.identifier.publicationtitleJournal of Business Finance & Accountinges
dc.identifier.publicationvolume42es
dc.identifier.urihttps://hdl.handle.net/10016/35341
dc.identifier.uxxiAR/0000016918
dc.language.isoengen
dc.publisherWileyes
dc.relation.projectIDComunidad de Madrid. CCG07-UC3M/HUM-3413es
dc.relation.projectIDGobierno de España. ECO2009-10796es
dc.relation.projectIDGobierno de España. ECO2012-36559es
dc.relation.projectIDGobierno de España. ECO2013-48328-C3-3-Pes
dc.relation.projectIDGobierno de España. ECO2010-19314es
dc.rights© 2015 John Wiley & Sons, Ltd.en
dc.subject.ecienciaEconomíaes
dc.subject.ecienciaEmpresaes
dc.subject.jelM41
dc.subject.jelG12
dc.subject.otherSegment disclosureen
dc.subject.otherEarnings qualityes
dc.subject.otherForecast erroren
dc.subject.otherCost of capitalen
dc.titleSegment disclosure and cost of capitalen
dc.typeresearch article*
dc.type.hasVersionAM*
dspace.entity.typePublication
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