文章基本信息

标题：Accounting Information, the Cost of Capital and Excess Stock Returns: The Role of Earnings Quality-Evidence from Panel Data
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作者：Nicholas Apergis ; George Artikis ; Sofia Eleftheriou 等
期刊名称：International Business Research
印刷版ISSN：1913-9004
电子版ISSN：1913-9012
出版年度：2012
卷号：5
期号：2
页码：123
DOI：10.5539/ibr.v5n2p123
出版社：Canadian Center of Science and Education
摘要：This paper investigates the impact of the firm’s accounting information and, especially the role of earnings quality, on its cost of capital and how this influences excess returns. The analysis extends prior works by investigating how components of accounting information and, especially earnings quality, affect stock returns through their effect on the cost of capital. The empirical approach uses a sample of US manufacturing firms as well as the methodology of panel data. The empirical findings display that all components of accounting information affect the firm’s cost of capital, which, in turn, exerts a negative effect on the firm’s excess returns, an empirical documentation not captured in case that the analysis links directly the cost of capital and excess returns.