Publication: Segment disclosure and cost of capital
dc.affiliation.dpto | UC3M. Departamento de Economía de la Empresa | es |
dc.contributor.author | Blanco, Belén | |
dc.contributor.author | García-Lara, Juan M. | |
dc.contributor.author | Tribó, Josep A. | |
dc.contributor.funder | Comunidad de Madrid | es |
dc.contributor.funder | Ministerio de Ciencia e Innovación (España) | es |
dc.date.accessioned | 2022-06-29T16:33:34Z | |
dc.date.available | 2022-06-29T16:33:34Z | |
dc.date.issued | 2015-05-01 | |
dc.description.abstract | We 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.sponsorship | We 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.bibliographicCitation | Blanco, 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.12106 | es |
dc.identifier.doi | https://doi.org/10.1111/jbfa.12106 | |
dc.identifier.issn | 0306-686X | |
dc.identifier.publicationfirstpage | 367 | es |
dc.identifier.publicationissue | 3-4 | es |
dc.identifier.publicationlastpage | 411 | es |
dc.identifier.publicationtitle | Journal of Business Finance & Accounting | es |
dc.identifier.publicationvolume | 42 | es |
dc.identifier.uri | https://hdl.handle.net/10016/35341 | |
dc.identifier.uxxi | AR/0000016918 | |
dc.language.iso | eng | en |
dc.publisher | Wiley | es |
dc.relation.projectID | Comunidad de Madrid. CCG07-UC3M/HUM-3413 | es |
dc.relation.projectID | Gobierno de España. ECO2009-10796 | es |
dc.relation.projectID | Gobierno de España. ECO2012-36559 | es |
dc.relation.projectID | Gobierno de España. ECO2013-48328-C3-3-P | es |
dc.relation.projectID | Gobierno de España. ECO2010-19314 | es |
dc.rights | © 2015 John Wiley & Sons, Ltd. | en |
dc.subject.eciencia | Economía | es |
dc.subject.eciencia | Empresa | es |
dc.subject.jel | M41 | |
dc.subject.jel | G12 | |
dc.subject.other | Segment disclosure | en |
dc.subject.other | Earnings quality | es |
dc.subject.other | Forecast error | en |
dc.subject.other | Cost of capital | en |
dc.title | Segment disclosure and cost of capital | en |
dc.type | research article | * |
dc.type.hasVersion | AM | * |
dspace.entity.type | Publication |
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