Disclosure, volatility, and transparency: and empirical investigation into the value of bank disclosure
The authors suggests that banks that are more forthcoming on basic balance-sheet items exhibit lower stock price volatility. About 600 banks in thirty-one countries over the 1993-2000 period are covered. The authors find that higher values of their disclosure index are associated with significantly lower stock return volatility and that volatility is also negatively associated with most of the individual items in the index, and conclude that increased disclosure may benefit bankers and bank supervisors.
Volume (Year): (2004)
Issue (Month): Sep ()
|Contact details of provider:|| Postal: 33 Liberty Street, New York, NY 10045-0001|
Web page: http://www.newyorkfed.org/
More information through EDIRC
|Order Information:|| Web: http://www.ny.frb.org/rmaghome/staff_rp/ Email: |
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- repec:bla:joares:v:38:y:2000:i::p:171-202 is not listed on IDEAS
- repec:bla:joares:v:38:y:2000:i::p:91-124 is not listed on IDEAS
- Leuz, C & Verrecchia, RE, 2000.
"The economic consequences of increased disclosure,"
Journal of Accounting Research,
Wiley Blackwell, vol. 38, pages 91-124.
- Robert E. Verrecchia & Christian Leuz, 1999. "The Economic Consequences of Increased Disclosure," Working Paper Series: Finance and Accounting 41, Department of Finance, Goethe University Frankfurt am Main.
- Donald P. Morgan, 2002. "Rating Banks: Risk and Uncertainty in an Opaque Industry," American Economic Review, American Economic Association, vol. 92(4), pages 874-888, September. Full references (including those not matched with items on IDEAS)